Beyond Billionaires: The Ripple Effect of Taxing Unrealized Gains
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 8 January 2024
⏱️ 21 minutes
🧾️ Download transcript
Summary
Taxing the richest's unearned income—why should it matter to you? This episode peels back the complexities of the proposed legislation targeting billionaires' unrealized capital gains to examine its broader consequences. We get into how this potential tax shift could create waves that may lap at the financial foundations of everyday investors.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.4 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.0 | I'm your host, Devin, joined by my co-host, John Ross. |
| 0:16.9 | Howdy. |
| 0:32.6 | Yeah. Tony. John, sometimes we see pieces of legislation that gets proposed and it never goes anywhere. But it's still important to pay attention to that. |
| 0:34.6 | For example, when it comes to Social Security changes, |
| 0:37.9 | I still pay attention to some of the things that are getting proposed because it shows me |
| 0:43.1 | what's on the minds of these lawmakers. Right. And what they actually think is acceptable |
| 0:48.7 | enough to put their name on and to push it out there. Right. So, for example, the Medicare at 50 Act that I saw. Right. It didn't have a |
| 0:58.8 | chance of getting accepted. But it did show us that, hey, here's a lawmaker that proposed this. |
| 1:04.4 | Here's the people that signed on to it. So at least we know that some of those people don't think |
| 1:09.1 | that's crazy. Right. And they think the nation can afford it somehow. And then we've seen other proposals come through. There was one you were |
| 1:15.6 | telling me about, though, that I thought it would be important for us to cover here. Yeah, because I like |
| 1:20.6 | to pay attention to these for the same reason, particularly when they're coming around, when they |
| 1:25.2 | involve tax stuff, right? Because it gives you a good idea of |
| 1:30.6 | what's going on. So you can look at legislation. It was a couple of years back that Bernie Sanders |
| 1:37.0 | put up the 99% act, right? And it had a whole list of proposed tax code changes that would affect some of the |
| 1:46.4 | tax planning strategies that, that are very common. So what it tells you is those are clearly |
| 1:52.8 | on their radar. Yes. You know, you're good now. Absolutely. But for how long? Yeah. Who know? |
| 1:59.8 | That's right. And so you can, you can, you can say, okay, well, yeah, the 99% act, it had zero chance of passing at that time. At that present time. At that present time. Yeah. We also have an election year coming up, who the heck knows what's going to come out of that. And so you can, you can say, okay, well, here's the things that they are thinking |
| 2:18.4 | about. And, and like most tax things, you know, they say, oh, well, we're, we're imposing this |
... |
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