patrick.net
An Antidote to Corporate Media
1,249,612 comments by 14,902 users - RWSGFY, Tenpoundbass online now
Yellen says she is not losing control of her bladder.
invite response
2021 Oct 24, 7:28pm 470 views 5 comments
Comments 1 - 5 of 5 Search these comments
1
Bd6r
2021 Oct 24, 7:31pm
Bd6r
2021 Oct 24, 7:31pm
Saw today at friendly local Walmart "low price" change. A gigapack of bottled water went from 4.18 to 5.88
About 35 pct inflation
About 35 pct inflation
2
Patrick
2021 Oct 26, 12:10pm
Patrick
2021 Oct 26, 12:10pm
https://notthebee.com/article/heres-janet-yellen-talking-about-taxing-unrealized-capital-gains-otherwise-known-as-how-to-destroy-america
Say that you own a home worth $150,000. Let's say the government, through insanely reckless spending and money printing, causes inflation – and just for good measure, artificially shuts down the economy for a year and throws millions of people out of work.
In this completely theoretical scenario, let's say the housing market runs out of control and the value of your house is now $250,000.
That sounds good, until you realize that $100,000 increase was an "unrealized" gain.
Instead of paying taxes when you finally sell your home or cash out your 401k or trade stock, you would be taxed on the subjective, made-up "unrealized" value gain right now... and if you don't pony up for Janet Yellen's salary, the government is coming for you. ...
Yellen may say this is about billionaires, but let's not forget that when income tax was started in 1913, a family making the modern equivalent of $80,000 a year was only taxed 1%, with a cap of 6% for those richer... and this tax only applied to 3% of the population.
It's foolish to think this stops with the rich.
They are literally talking about taxing money you haven't even made yet and cranking it into the government Swamp (not to mention tracking your purchases). This should scare you, my friends.
3
Al_Sharpton_for_President
2021 Oct 26, 12:56pm
Al_Sharpton_for_President
2021 Oct 26, 12:56pm
So if one has unrealized losses, can these be deducted? It is an insane proposal as it isn't real until you sell.
4
HeadSet
2021 Oct 26, 12:58pm
HeadSet
2021 Oct 26, 12:58pm
Patrick says
Even worse. That would also allow deductions on unrealized losses. Penalize smart investors while subsidizing poor investors.
Instead of paying taxes when you finally sell your home or cash out your 401k or trade stock, you would be taxed on the subjective, made-up "unrealized" value gain right now... and if you don't pony up for Janet Yellen's salary, the government is coming for you. ...
Even worse. That would also allow deductions on unrealized losses. Penalize smart investors while subsidizing poor investors.
Yellen, in an interview on CNN, said spending in President Joe Biden's domestic infrastructure and Build Back Better packages would be allocated over the next 10 years, but she did not say whether that would exacerbate inflation.
"I don't think we're about to lose control of inflation," Yellen said. "Excuse me. Out of the way!!!!"
On a 12-month basis, the inflation rate will remain high into next year because of what's already happened. But I expect improvement by the middle to end of next year - second half of next year," Yellen said.
Supply chain snags have bedeviled the United States and other countries as economic reopenings spur a surge in demand.
"As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve," she said.
The Federal Reserve has promised to keep its benchmark overnight interest rate at the current near-zero level until the economy has returned to full employment and inflation has reached the central bank's 2% goal and is on track to stay moderately above that level for some time.
https://finance.yahoo.com/news/yellen-says-u-options-raise-141430945.html