I think that's a great title and a welcome legislation if it happens.
In the US it's pretty much impossible to give your employees shares or options, unless you have tons of cash to help them pay taxes.
I paid something like $29,000 in taxes on some shares in the 90's. Never had enough capital gains to use all of the basis. When I emigrated to Canada I couldn't bring the entire loss over (I was forced to sell the shares at a very low value due to my partnership agreement), just what the values of those shares would be at that date (much less than the shares were at when I paid tax on them). I think I got something like an $8k capital loss in Canada.
So, I probably used a couple thousand of the basis on capital gains in the US, and used much of the other 8k in Canada. So the IRS got basically $19,000 of my money for free.
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[ 5.4 ms ] story [ 16.1 ms ] threadEDIT: This isn't legislation yet, just an idea or "agenda" or "plan", so this would be a more accurate title.
In the US it's pretty much impossible to give your employees shares or options, unless you have tons of cash to help them pay taxes.
I paid something like $29,000 in taxes on some shares in the 90's. Never had enough capital gains to use all of the basis. When I emigrated to Canada I couldn't bring the entire loss over (I was forced to sell the shares at a very low value due to my partnership agreement), just what the values of those shares would be at that date (much less than the shares were at when I paid tax on them). I think I got something like an $8k capital loss in Canada.
So, I probably used a couple thousand of the basis on capital gains in the US, and used much of the other 8k in Canada. So the IRS got basically $19,000 of my money for free.
I'd say it needs improvement.