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How to have a billion dollar exit with zero capital gains tax

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Re: How to have a billion dollar exit with zero capital gains tax

#261

Post by bombcar »

11thEarlOfMar wrote: post #255
bombcar wrote: post #226

Anyone interested in the actual map, it can be found here: https://cimsprodprep.cdfifund.gov/CIMS4/apps/pn-nmtc/index.a... The purpose of the QOZ is to encourage investment in those areas, and it does this by favorable tax conditions. Some of these areas are surprising, at least around me I see areas designated that aren't much different from the surrounding areas. And there are rural ones, too. Looking at some of th…

The eligibility criteria: The Opportunity Zone Selection Process As prescribed by law, governors nominated which census tracts should be designated as Opportunity Zones by the U.S. Department of the Treasury. To be eligible for designation, a census tract must: - Have a poverty rate of at least 20 percent; or - Have a median income below 80 percent of that in the State or metropolitan area, or for rural census tracts…

I see the idea behind it, but I feel the end result will just be gentrification - which may not be a bad thing in the long run.

Re: How to have a billion dollar exit with zero capital gains tax

#262

Post by lukas099 »

throwawaygh wrote: post #176
lukas099 wrote: post #172

Earlier quoted context omitted.

If we keep putting special-interest clauses in our tax codes like these 'business opportunity zones' without expecting everyone who is capable to come in and exploit them to the maximum extent possible, that is really on us.

It adds insult to injury that a billionaire real estate mogul made EXACTLY this argument when selling his tax policy and business conduct (I’m just being a good businessman, and I’ll fix the rigged system by getting rid of loopholes!), then turned around and got rid of special deductions for normal folks and created a massive special interest handout for real estate moguls.

I hope you're not implying that my argument is wrong just because Donald Trump once said the same thing disingenuously.

Re: How to have a billion dollar exit with zero capital gains tax

#263

Post by moistly »

sokoloff wrote: post #188
moistly wrote: post #63

Earlier quoted context omitted.

Strange that you pick a minuscule—nay, pissant —cost, when you could point to other waste that is literally millions of orders of magnitude greater. The BS consulting fee cost you perhaps a hundred-thousandth of a penny. The unnecessary war in Iraq cost you tens of thousands of dollars. Billions in subsidies to oil companies that are earning record-breaking profits is costing you hundreds of dollars. Don’t let clickb…

> literally millions of orders of magnitude greater One order of magnitude is literally 10x (10¹) Two orders of magnitudes is 100x (10²) A million orders of magnitude would be 10¹⁰⁰⁰⁰⁰⁰. Millions of orders of magnitude would be larger still. There are estimated between 10⁷⁸ to 10⁸² atoms in the universe. Perhaps you meant to say “literally six to nine” rather than “literally millions”?

Indeed. The point remains: OP has been fooled into fretting about relatively nothing so that the real issues aren’t noticed.

Re: How to have a billion dollar exit with zero capital gains tax

#264

Post by karmakurtisaani »

lukas099 wrote: post #254
karmakurtisaani wrote: post #189

Earlier quoted context omitted.

It troubles me to see apologist comments here for ultra wealthy tax avoidance.

Everybody avoids taxes to the maximum extent allowed. It is ubiquitous and expected.

You can literally defend almost any action by the argument that they are just maximizing their gains. Clearly they are. Should we roll over and accept it?

Re: How to have a billion dollar exit with zero capital gains tax

#265

Post by pontifier »

j2bax wrote: post #196
pontifier wrote: post #177

Oh dang... Why didn't I find this information 6 months ago. I freaking hate my life right now.

You had a billion dollar exit 6 months ago and you hate your life right now?!

~$1M capital gain 9 months ago and it's too late to roll it into an opportunity zone.

I'm on the point of panic about taxes right now and still trying to sort out my expenses over the last 2 years which do include about $500k in investment in one of the poorest areas in the country. My location just happens to be gerrymandered out of the local opportunity zone though.

Re: How to have a billion dollar exit with zero capital gains tax

#266

Post by whywhywhywhy »

titzer wrote: post #223
whywhywhywhy wrote: post #217

Earlier quoted context omitted.

Why should anyone have sympathy for a system that tries to take away your freedom by force if you don’t submit to it. Stop paying your taxes for a moment, even a small amount say $2000 and witness how much expense the system is willing to spend to try and claw back that tiny amount from the individual. The people enacting these systems don’t even “pay their share”, yet they’ll be the first to try and make you angry a…

You were this close to getting it. The system will move heaven and Earth to get $2k from a random joe blow but will let a corporation just "sudo pay no taxes" and get out from paying BILLIONS. The system is rigged.

My point is there are reasons for both those things. Yet the system isn’t honest about them.

Re: How to have a billion dollar exit with zero capital gains tax

#267

Post by thereare5lights »

imgabe wrote: post #58
thereare5lights wrote: post #37

Earlier quoted context omitted.

> (and by extension, the people it represents) This is where your argument breaks down. Gerrymandering has completely eliminated this as a reasonable belief in most places. Most voters don't even care about issues, they care about parties, their team. As such, they don't care or want to incentive anything except their own team winning. > the government can simply remove the tax break. If most people want abortion to…

> Most voters don't even care about issues, they care about parties, their team. As such, they don't care or want to incentive anything except their own team winning. Seems like the problem is the voters then. > If most people want abortion to be legal, the government can simply legalize it. Per your earlier statement, that is not what most voters want. They want their team to win.

> Seems like the problem is the voters then.

Yes. That means that your claim

> it's because the government (and by extension, the people it represents) want to incentivize that particular activity

particularly the

> (and by extension, the people it represents)

is false.

----

> Per your earlier statement, that is not what most voters want. They want their team to win.

False. The vast majority of people want their team to win.

Simultaneously, most people want abortion to be legal.

These statements are both true. The logical fallacy is here is an inability to recognize that it's and, not or.

Re: How to have a billion dollar exit with zero capital gains tax

#268

Post by HWR_14 »

AnIdiotOnTheNet wrote: post #214
moffkalast wrote: post #212

Earlier quoted context omitted.

How can you tell if a rich/powerful person is lying? Rule of thumb: Their mouth is moving.

Rule of thumb: people don't get to be rich and powerful by being decent and honest.

This particular example inherited his fathers business, which was valuable enough that a half-share was sufficient to move him onto the Forbes 400 list.

Although his father also trained him not to be decent or honest.

Re: How to have a billion dollar exit with zero capital gains tax

#269

Post by HWR_14 »

ChrisLomont wrote: post #238
unglaublich wrote: post #164

... and let others pay for the upkeep of the country that enabled your success :).

... by investing in places deemed in need of investment, thereby providing jobs and skills and tax base (property, services, income taxes, unemployment taxes, growth in surrounding infrastructure)...... When an investor gets a billion dollar return, remember that is the value from a company that likely provides billions more to local economies.

> When an investor gets a billion dollar return, remember that is the value from a company that likely provides billions more to local economies.

I have no idea why that would be true, especially if it's an online business where highly paid people go to a campus and don't leave until it's time to drive home.

Re: How to have a billion dollar exit with zero capital gains tax

#270

Post by HWR_14 »

rdl wrote: post #93
hyuuu wrote: post #66

Earlier quoted context omitted.

why is it challenging? especially in a more remote friendly world we live in

Infrastructure sucks relatively to almost everywhere else in the US (better than other territories, probably better than parts of Alaska). Legal system is really bad (bad hybrid of old Spanish law, 1950s American law, and nearly a century of corruption). High costs (inherent to being on an island) combined with regulatory/etc. burden raising costs. It makes sense for completely vertically integrated businesses which…

Pharma is no longer a great choice for PR. Several of the various federal advantages to locating there have expired
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