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I guess stepped up basis is considered a loophole
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Posted 7/1/2020 06:01 (#8346767 - in reply to #8346013)
Subject: RE: In reply to RealFarmers question on how to get ahead of this

east central iowa
This country started because England was taxing everybody bad. Do you remember taxation without representation. That was the premise that the revolutionary war at the start of this country. It feels like it’s the same way now. Now if this was to happen then to be fair you would have to do this with all assets so all the people in town would need to be taxed on their houses and cars. Talk about a way to kill the economy. This would do it. And jay leno who collects cars and motorcycles it would be the same with those assets. And to single out assets like farms for capital gains is just wrong. This would take all incentive for us to be productive and try to raise good crops and livestock. This would cause food shortages. And while we’re at it how about taxing all virtual assets such as stocks. Can you imagine if the stocks of google amazon Walmart and what would happen if you Roth IRA went away and you were taxed on increases in value. I could go on and on but this is a stupid idea. Currently we are already taxed on just about everything. For example sales tax. Tax on everything we buy. And vehicle registrations keep going up all why the value has decreased. And then you also should tax savings accounts because that’s a asset. What this would basically do is kill capitalism in this country and no one or no government should have this much power.
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