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Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

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joecct said:
The tax code is, in reality, a social engineering code. Our plan returns it to revenue generation.
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No, yours is far more direct social engineering. By a wide margin as I have pointed out.

And that’s not even considering your moving single deduction target. Which adds a whole level to social engineering.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

dxmnkd316 said:
So I was talking to my dad and he mentioned that the new tax law has provisions where you will be “required” to sell your stock shares first in, first out. We couldn’t come up with any way of enforcing that or even how that law would work. Would someone like Wells Fargo have to determine if their shares are your oldest?

Anyone else heard anything about this or how it would work?

Also, he worked for a company that inverted and now the dividends will no longer be considered qualified dividends. Might have been changed in the final bill but yeah. Another little Christmas present.
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Trust accounting systems (also brokerage systems) track all of your purchases as separate "tax lots". This goes back to their creation, really. You had the option of LIFO, FIFO, or cost-averaging the sale of your shares.

To go with that, a number of years ago (7 or 8, maybe), Cost-Basis Reporting had a big push, so even shares you're gifted from gramps now required their original costs tracked from the old system/company/account into your account. How they're tracked for actual tax purposes at time of sale is another matter entirely.

I know nothing of this rule you're mentioning, if it exists.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

I’m aware of most of that. All of that tracking used to be on the consumer. A law required the brokerage or holding company to track the lots a few years ago.

I’m more interested in the fifo rules that come with this new law.

ETA: looks like FIFO was excluded in the final version.
 
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Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

DJIA now at 25000.

So much for that crash that would happen if Trump was elected.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

dxmnkd316 said:
I’m aware of most of that. All of that tracking used to be on the consumer. A law required the brokerage or holding company to track the lots a few years ago.

I’m more interested in the fifo rules that come with this new law.

ETA: looks like FIFO was excluded in the final version.
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I thought FIFO was already the case for determining sale of stock, and the only time you ever took last trade into account was if you were accounting for a wash sale... at least that's how I've been filling out 8949...
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

the vast majority of non-401k and non-pension accounts here use cost averaging. It creates are more stable tax outcome than being dependent upon the exact purchase price of each share sold.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

FlagDUDE08 said:
Nice try, your boy Mark Cuban was very specific about timing.
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My boy Mark Cuban lmao, yeah you got me! :rolleyes:

I guess if that's all you care about, Cuban's quote then sure, it didn't immediately happen following his win. But more broadly speaking it's a concern.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

trixR4kids said:
My boy Mark Cuban lmao, yeah you got me! :rolleyes:

I guess if that's all you care about, Cuban's quote then sure, it didn't immediately happen following his win. But more broadly speaking it's a concern.
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He was the one that was the most vocal about the markets tanking with Trump being elected.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

Wow. There's no hint of anti-Semitism in that response. None at all.
 
Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

GrinCDXX said:
After the tax bill passed, Comcast announced that they would be able to give their employees $1000 bonuses. They apparently forgot to mention the 500 employees they were going to fire.

https://arstechnica.com/tech-policy...iming-tax-cut-would-create-thousands-of-jobs/
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In case anyone forgot, Freshfish was arguing that all these employers who probably gave out the same bonus last year, gave bonuses to their employees because of this tax bill lmao. AT&T was another who gave bonuses and fired something like 500 employees IIRC.
 
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