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re: Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains
Posted on 4/26/24 at 2:51 pm to lsu13lsu
Posted on 4/26/24 at 2:51 pm to lsu13lsu
quote:
They just need to tax all income as ordinary after a certain point. No reason warren buffett and mitt romney etc should have a lower tax rate than someone making $500,000 in salary
The only way they have a lower tax rate is if they half less income. Buffet is intellectually dishonest every single time he makes the claim his secretary pays a higher effective rate than he does.
1
Posted on 4/26/24 at 3:18 pm to BlackAdam
quote:
The only way they have a lower tax rate is if they half less income. Buffet is intellectually dishonest every single time he makes the claim his secretary pays a higher effective rate than he does.
That’s not exactly true. Highest capital gains tax rate is 23.8%, with no FICA taxes owed on that money.
A single filer W2 employee at $200,000 of wages would pay over 25% in federal income and FICA taxes.
Obviously 23.8% of $10,000,000 is a lot more than money than 25% of $200,000, but it’s still a lower effective rate.
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