I'm skeptical of both bills not passing. Dems have more to lose collectively than no voting for it. Stocks will prob go as the bill goes... https://www.washingtonpost.com/opin...ess-biden-administration-has-done-big-things/ Stop focusing on the negative. Biden and Harris have gotten things done. No matter what happens in Congress over the next few days, the one thing even President Biden’s harshest critics cannot say is that his administration’s accomplishments are inconsequential. This is a White House that does big things at home and abroad. It is possible, but unlikely, that the week could end with the Democratic Party doing its best impersonation of a smoking ruin. House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Charles E. Schumer (D-N.Y.) might fail to craft a version of Biden’s $3.5 trillion “human infrastructure” package that moderate Democrats will vote for. And progressive House Democrats, in response, might torpedo the $1 trillion “hard infrastructure” bill that the Senate has already approved. I doubt this Armageddon scenario will occur, since the argument is less about substance than about arithmetic — congressional arithmetic at that, which is much more flexible than the addition and subtraction we learned in school. The numbers involved are so humongous that Pelosi and Schumer ought to be able to find some sweet spot that lets both moderates and progressives claim victory. No Democrat should see failure as an option. But the fact that we’re talking about trillions of dollars instead of mere billions gives an idea of how ambitious the Biden-Harris administration is. Anyone who might have imagined that our oldest president would mostly be a soothing corrective after the insanity of the Donald Trump years was dead wrong. Look at what Biden and Vice President Harris have done to reshape U.S. foreign policy — an area in which presidents largely have free rein. Previous administrations talked the talk. Biden is walking the walk in ways that have both our allies and our adversaries struggling to keep up. The Obama administration talked for years about ending the war in Afghanistan and withdrawing American forces, but ended up agreeing to a troop surge instead. The Trump administration signed a bad deal, incompetently negotiated, to bring U.S. troops home but got booted out of office before being able to follow through. Biden could have tried to get out of the bargain. Instead, he went ahead and fulfilled it. No, the withdrawal wasn’t pretty. But it happened. This nation’s longest war is over — any way you look at it, that’s a historic milestone, and one Biden has used to reshape U.S. goals abroad. Biden and Harris are pulling off a shift in our foreign policy orientation that has been talked about for more than a decade — a “pivot” or “tilt” away from our traditional focus on Europe and the Middle East toward the region now called the Indo-Pacific, with an eye toward the rise of China as a competing superpower. Biden secretly negotiated a new defense pact with Australia and Britain that will give the Australians nuclear-powered submarine technology as a check on China’s growing naval power. He hosted the first in-person summit of the Quad strategic alliance — the United States, Japan, Australia and India — in another initiative aimed at containing China’s regional ambitions. He sent Harris to Southeast Asia to shore up U.S. ties with Singapore and Vietnam. China’s leaders hate all of these moves, which they see as hostile. It is unclear whether Biden’s shift in focus makes a potential confrontation over the fate of Taiwan more or less likely. Even if it doesn’t come to that, this reorientation matters, and it matters a lot. Still, it is true that Biden’s political standing and the Democrats’ electoral prospects will probably turn on the success or failure of his domestic agenda. You can love that vision or hate it, but the one thing it can’t be called is modest. The passage of the Affordable Care Act under President Barack Obama was the most significant shift in the role of government in this country since the Reagan administration. Now, however, Biden is seeking a much more dramatic sea change. He wants to help Americans buy electric cars and build charging stations to make them practical as a way of fighting climate change. He wants high-speed trains on some heavily traveled routes. He wants everyone to have broadband Internet access. He wants to provide free or subsidized child care and 12 weeks of guaranteed paid family leave. He wants to offer free preschool for all 3- and 4-year-olds and two free years of community college. He wants to expand Medicare benefits and reduce prescription drug costs. Okay, he wants everything including the kitchen sink. And that’s what the nation needs after four decades of trickle-down economics that created massive inequality and allowed the nation’s physical infrastructure and human infrastructure to fall behind. Biden and Harris have been in office for just eight months. Deduct style points from their score if you like. Acknowledge the failures on issues such as immigration. But they swing for the fences. And they get things done.
No. What are the implications? Is she going to issue a rulemaking to change the tax code to tax unrealized gains (losses)?
I would guess so or maybe there’s some context in which taxing it could make sense, I don’t know. A source would help clarify.
Well then what are the implications? @Commodore seems to be warning us that something terrible is going to result, but I don't understand what it'll be! (I guess if we want to go down that tax rabbit hole, you could mark-to-market like Enron used to do in the good ol' days (and really, mtm is a legit accounting procedure in some circumstances) and then figure a tax impact up or down. It'd only work on assets that had a liquid market that could produce an efficient price though. I don't know how you'd tax an unrealized gain on a Rembrandt.)
Oh my God guys this hypothetical situation that I completely misunderstood is making me so mad those Democrats for up to no good Let me find a political cartoon that is over explained and will justify my convoluted worldview
realized gains are profits you've realized on assets sold, such as you house / stock holdings. etc. unrealized gains are profit on assets that one owns, but has not sold. if Yellen has her way, the IRS tax code will be amended to tax unrealized gain such as the gains on your bitcoin or someone's honus wagner's baseball card / Rambrant collection
there is an accounting principle of valuing an asset fairly, at the lower of cost or market. for entities holding ENRON stocks, after the collapse of the co, they used MTM accounting to re-state their ENRON stocks to to zero--- the application of the accounting principle that assets be fairly stated, at lower of cost or market
bummer Biden canceling Chicago trip as his legislative agenda hangs in the balance https://www.cnn.com/2021/09/28/politics/joe-biden-chicago-trip/index.html
Or it’s the massive increase in investments into Spanish speaking AM radio by the right wing billionaires. It has been paying dividends even before Biden became president. Yes Hispanics also don’t like floods of illegal immigrants in theory but they also just as any other person that is subjected to massive amounts of propaganda. There will always be people who believe it no matter how insane it is as long as the messaging is consistent and often. Years ago nobody would think that there would be flat earther groups and even that a prominent NBA star would openly be that stupid… but with enough of a constant amount of conspiracy theory garbage promoted on the internet, a lot of people will even believe in something as stupid as the earth being flat. There’s also the factor that Mexico, El Salvador, Honduras, etc. are all different countries and cultures and I’ve know many Hispanics who are racist towards people from El Salvador when they are from Mexico. I know it’s hard for white people in the Midwest to contemplate but it’s no shock to me as someone from Houston that right wing media can stoke racist propaganda about illegal immigration at the border even though in reality it’s not a real problem at all.
Some of the most racist xenophobic class sensitive people are immigrants themselves. Surprised it's not more like miami all those cuban guys that think they are alpha because they vote for repugs. In latin america there is way more class structure than here. Even if came here legally or illegally and immediately they are looking down and trying to find class structure. They call others 'nacos' when they are all themselves. Lots of try hards surprised repugs aren't more on top of this
