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THROW BACK THURSDAY POST from 2011 --- ADDITIONALTAXES IMPOSED BEYOND CAPITAL GAIN? I_icon_minitimeMon Jan 15, 2024 5:43 pm by RamblerNash

THROW BACK THURSDAY POST from 2011 --- ADDITIONALTAXES IMPOSED BEYOND CAPITAL GAIN?

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Post by LIGHTHOUSE Tue Jun 21, 2011 9:35 am

Does anyone know whether there has been approval on additional taxes ...besides capital gain?

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Post by tport Tue Jun 21, 2011 11:29 am

LIGHTHOUSE wrote:Does anyone know whether there has been approval on additional taxes ...besides capital gain?


If this RV's before the end of this month as stated by many, there are no additional federal taxes beyond long term and short term capital gains. I can say that was provided by my CPA who has been doing taxes for over 30 years. There is no need to ask the teacher just before class ends if we have any homework - on this subject. I would suggest that you focus on the date & rate along with your post-RV structure and let the taxes take care of themselves. There is nothing you can do about it except in determining when your cash-in date is.
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Post by starship1 Tue Jun 21, 2011 2:02 pm

New taxes cannot be added "willy-nilly." Tax laws CAN ONLY BE written and proposed by the United States Congressional House of Representatives. There is no exixting proposed legislation pertaining to the dinar or foreign currency exchange profits of the small investor like we dinarians, at this time. The House of Representatives is controlled by the Republicans - the original anti-tax crowd - so the probability of any new tax laws coming to fruition as long as the GOP is in control of the House is highly unlikely. The UST, the Fed Reserve and/or the President can not, just at the stroke of a pen, enact tax levies, tho it seems that many out in dinar-land seem to be under that impression.

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Post by HOOHAND Tue Jun 21, 2011 5:21 pm

Tax can be ...


Last edited by HOOHAND on Tue Jun 21, 2011 5:24 pm; edited 1 time in total
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Post by HOOHAND Tue Jun 21, 2011 5:22 pm

starship1 wrote:New taxes cannot be added "willy-nilly." Tax laws CAN ONLY BE written and proposed by the United States Congressional House of Representatives. There is no exixting proposed legislation pertaining to the dinar or foreign currency exchange profits of the small investor like we dinarians, at this time. The House of Representatives is controlled by the Republicans - the original anti-tax crowd - so the probability of any new tax laws coming to fruition as long as the GOP is in control of the House is highly unlikely. The UST, the Fed Reserve and/or the President can not, just at the stroke of a pen, enact tax levies, tho it seems that many out in dinar-land seem to be under that impression.

You are correct STARSHIP1.... The only time is in time of WAR can the President impose and that would be under the War Powers Act.
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Post by DaveJen Tue Jun 21, 2011 5:30 pm

Agree with all that only Congress can impose taxes and then the act must be signed by the President. However, there have been many instances where Congress has enacted acts and signed by the President in the tax arena that were retroactive to the first of the current tax year. However, at the same time Congress will take their six week vacation starting in two weeks. I don't believe, as we enter an election year, that there will be much heart to pass an additional tax act through both the House and the Senate. I don't think we have much to worry about. And from what I have seen it is 1% or less. A wise man may be wise to hold that amount in reserve until after December 31st. Just my opionion.

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Post by Lucky Peni Tue Jun 21, 2011 5:46 pm

starship 1 - I just love that phrase "willy nilly" I use it all the time. Taxes are not my bag - that's why we all need a good tax attorney and other advisors when this thing finally comes through..... :queen:
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Post by broadriver Wed Jun 22, 2011 11:25 pm

No new taxes...

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Post by Ponee Thu Sep 11, 2014 9:17 am

This is a THROW BACK THURSDAY POST from June 2011... If anyone has anything to add please feel free.  Just because it is an old post doesn't mean it does not have discussion value.  There are many who are new to the whole dinar drama and may have the same thoughts and questions.
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Post by Kevind53 Thu Sep 11, 2014 11:00 am

Looks like solid info to me. They are correct revenue bills, (taxes for example), are constitutionally required to originate in the House. This being an election year, the chances of any sort of tax increase are about nil.
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