Mileage tax - Page 2

Chateau_Nomad · 10-01-2021, 04:54 PM

Quote:

Originally Posted by HMCSW

And now in the current bill they will be taxing unrealized capital gains. Homes, property, stocks, anything that appreciates even if you have not sold it. Not political just something to be prepared for.

Agreed it is NOT POLITICAL. it's an economics/financial issue. But corrupt politicians QUICKLY make it out to be political to deflect.

Allowing politicians, REGARDLESS OF PARTY, to conveniently use the "political blame game" to hide their corruption and theft is something WE THE PEOPLE must unite against. DO NOT fall into their trap - follow the money trail... it will lead you to the responsible party.

The next time your "blame game detector" goes off, look to see if there's an umbilical cord of cash feeding the "blamer/finger pointer".

The_Breeze · 10-01-2021, 05:29 PM

Quote:

Originally Posted by HMCSW

And now in the current bill they will be taxing unrealized capital gains. Homes, property, stocks, anything that appreciates even if you have not sold it. Not political just something to be prepared for.

Did that make it into writing? I saw where Yellen pitched it, but not where it was actually adopted.

Lt Keefer · 10-01-2021, 05:43 PM

Quote:

Originally Posted by 16ACE27

The "mileage tax" rumor/threat has been around for years. I don't know of any entity that has implemented it in the U.S.A.

The mileage tax pilot program was passed in California and signed by Newsom last week. It is included in the massive $3.5 trillion social infrastructure program at the federal level. Are you really gullible enough to think they wont institute the program once they see how much they can soak from the tax payer?

chunker21 · 10-01-2021, 05:46 PM

Quote:

Originally Posted by The_Breeze

Did that make it into writing? I saw where Yellen pitched it, but not where it was actually adopted.

Famously said by a certain HO, "we have to pass the bill to see what's in it"

The_Breeze · 10-01-2021, 05:50 PM

Quote:

Originally Posted by chunker21

Famously said by a certain HO, "we have to pass the bill to see what's in it"

Yeah, that was the most ridiculous thing I ever heard.

HMCSW · 10-01-2021, 05:52 PM

Quote:

Originally Posted by The_Breeze

Did that make it into writing? I saw where Yellen pitched it, but not where it was actually adopted.

yes, but not voted on yet. She was referring to the step up in inheritance. Your beneficiaries will have to pay income tax( not capital gains) on the current value of what ever asset you leave them - house, stocks, farm whatever even if they don't sell them.

The_Breeze · 10-01-2021, 06:53 PM

Quote:

Originally Posted by HMCSW

yes, but not voted on yet. She was referring to the step up in inheritance. Your beneficiaries will have to pay income tax( not capital gains) on the current value of what ever asset you leave them - house, stocks, farm whatever even if they don't sell them.

Time to touch base with an accountant again...used to be you could 'gift' a maximum of 'X' to your beneficiaries each yearwithout them having to claim it as income and pay tax on it. They're liable to be taxed in some form someday anyway (e.g. interest earned if banked, capital gain if invested). I wonder how a ROTH would work in that situation? You gift it, they invest in a ROTH. After all, tax has already been paid on that money once (e.g. RMD on a 401k incurs a tax upon withdraw).

On the surface, it sounds better then breaking their backs with a massive inheritiance tax, quite possibly leaving them with squat in the end.

Thanks for resurfacing this one. News cycle is so fast these days, completely slipped my mind.

DISCLAIMER: This is NOT tax advice. I am not a professional. I'm a dreamer with some experience.And not that kind of dreamer - the older kind.

Bob Denman · 10-01-2021, 06:59 PM

Quote:

Originally Posted by chunker21

Famously said by a certain HO, "we have to pass the bill to see what's in it"

Gee... Doesn't that also pretty much define a stool sample??

The_Breeze · 10-01-2021, 07:02 PM

Quote:

Originally Posted by Bob Denman

Gee... Doesn't that also pretty much define a stool sample??

Interesting analogy Mr. Denman; and quite appropriate.

Scubawise · 10-01-2021, 07:07 PM

Case in point social security increase 6% but Medicare goes up each year..we I have been fools for years to think 535 people running 360 million would not be greedy

rynosback · 10-01-2021, 07:19 PM

Quote:

Originally Posted by Ninjatoto

What’s eveybodys opinion on the mileage tax? I’ve read it could be up to .25 cents a mile on a class A. What about TT?

Not sure how they could tax towed items. As not everyone tows all the time. I would think it is based on vehicles with motors, ICE or EVs.

HMCSW · 10-01-2021, 07:29 PM

Quote:

Originally Posted by The_Breeze

Time to touch base with an accountant again...used to be you could 'gift' a maximum of 'X' to your beneficiaries each yearwithout them having to claim it as income and pay tax on it. They're liable to be taxed in some form someday anyway (e.g. interest earned if banked, capital gain if invested). I wonder how a ROTH would work in that situation? You gift it, they invest in a ROTH. After all, tax has already been paid on that money once (e.g. RMD on a 401k incurs a tax upon withdraw).

On the surface, it sounds better then breaking their backs with a massive inheritiance tax, quite possibly leaving them with squat in the end.

Thanks for resurfacing this one. News cycle is so fast these days, completely slipped my mind.

DISCLAIMER: This is NOT tax advice. I am not a professional. I'm a dreamer with some experience.And not that kind of dreamer - the older kind.

Except currently the beneficiary does not pay anything until they sell the asset. This one forces them to pay income tax on the assists value on the day of your demise. Most people will have to sell all or some to pay the tax. Fortunately it looks like it is a falling apart.

chunker21 · 10-01-2021, 07:31 PM

Quote:

Originally Posted by rynosback

Not sure how they could tax towed items. As not everyone tows all the time. I would think it is based on vehicles with motors, ICE or EVs.

Rational, logical and honest thought doesn't enter into this. After all we are talking about congress and the executive branch.

Chateau_Nomad · 10-01-2021, 07:34 PM

Quote:

Originally Posted by chunker21

Rational, logical and honest thought doesn't enter into this. After all we are talking about congress and the executive branch.

It's about pleasing the donor base... to the highest bidder go the spoils. After all we are talking about congress and the executive branch.

**16ACE27** · 10-01-2021, 07:51 PM

Quote:

Originally Posted by Lt Keefer

The mileage tax pilot program was passed in California and signed by Newsom last week. It is included in the massive $3.5 trillion social infrastructure program at the federal level. Are you really gullible enough to think they wont institute the program once they see how much they can soak from the tax payer?

So, not implemented yet?

Does it apply to ICE vehicles or just hybrid/electric? And another reason not to live in Kaliforistan. So how do they plan to "mile tax" the vehicles that are driving there but not registered there? Imagine the upcoming mass exodus of trucking companies from that state, or did the lobbyists get that exception in the bill?

lwmcguire · 10-01-2021, 08:08 PM

Quote:

Originally Posted by waynetaylor55

I don't think the mileage tax would replace any other tax. It would be added to existing taxes.

That is exactly what is in the 3.5T social bill being proposed

Double taxation for workers, freight, and of course RV's

Lt Keefer · 10-01-2021, 08:19 PM

Quote:

Originally Posted by 16ACE27

So, not implemented yet?

Does it apply to ICE vehicles or just hybrid/electric? And another reason not to live in Kaliforistan. So how do they plan to "mile tax" the vehicles that are driving there but not registered there? Imagine the upcoming mass exodus of trucking companies from that state, or did the lobbyists get that exception in the bill?

I don't know how California is going to implement the 'pilot' program as I didn't read the entire article. It currently doesn't pertain to me as I have zero plans to travel to or through that state. All I know for sure is that most of the progressive crap passed into national law starts with a pilot program in California. The rest of the country would be better off if we ceded that region back to it's former owners.

Bob Denman · 10-01-2021, 08:25 PM

Quote:

Originally Posted by The_Breeze

Interesting analogy Mr. Denman; and quite appropriate.

I've been using it for about 11 years...
Always race with your best horse!

**16ACE27** · 10-02-2021, 04:36 AM

Quote:

Originally Posted by 16ACE27

So, not implemented yet?

Does it apply to ICE vehicles or just hybrid/electric? And another reason not to live in Kaliforistan. So how do they plan to "mile tax" the vehicles that are driving there but not registered there? Imagine the upcoming mass exodus of trucking companies from that state, or did the lobbyists get that exception in the bill?

So more info on the mileage tax pilot program.

It is voluntary
It refunds you any gasoline road tax you paid
It charges you taxes by the mile

So that may be a good thing for low gas mileage vehicles like motorhomes, and not so good for gas efficient or electric/hybrid vehicles.

chunker21 · 10-02-2021, 08:30 AM

Quote:

Originally Posted by 16ACE27

So more info on the mileage tax pilot program.

It is voluntary
It refunds you any gasoline road tax you paid
It charges you taxes by the mile

So that may be a good thing for low gas mileage vehicles like motorhomes, and not so good for gas efficient or electric/hybrid vehicles.

Would that be voluntary like the income tax?

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