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Biden proposed a capital gains tax of 44.6% & 25% unrealized gains for high income earners
Posted on 4/24/24 at 1:37 pm
Posted on 4/24/24 at 1:37 pm
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Forbes
quote:
Much has been made of President Biden’s proposal in the Budget of the United States Government, Fiscal Year 2025, to raise capital gains rates. The number being bandied about is 44.6%, which would be the highest formal federal capital gains rate since its inception. That rate comes with many caveats and asterisks.
The source of the 44.6% rate is a footnote from the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, and it reads in relevant part: “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000 … Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
The main proposal, which lends context to the above-mentioned “separate proposal,” is to raise the long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million.
Taken as a whole, then, the 44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000. That isn’t quite as cataclysmic a policy shift as referring to a blanket 44.6% long-term capital gains rate would suggest.
The presentation of the 44.6% capital gains rate proposal is a strategic policy maneuver—loudly shouting a startlingly high percentage while mutely ignoring the crucial aspect of income thresholds. The intent appears to be to play on public sentiments and concerns, more specifically the political landmine of adverse outcomes for small business owners.
At base, such tactics obscure the fact that the higher rate is couched in a proposal within a proposal and, even then, would only apply to high earners.
The overarching result is a shifting away from the policy’s intended impact on America’s billionaires, who would likely attract minimal sympathy as against their mom-and-pop shop counterparts. The policy is clearly aimed at leveling the playing field between high ordinary income and investment income earners.
Updated:
They want to also tax unrealized gains by 25%
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This post was edited on 4/24/24 at 3:41 pm
Posted on 4/24/24 at 1:38 pm to stout
Everyone that can should divest of everything that they possibly can... frick this government...
Posted on 4/24/24 at 1:38 pm to stout
I bet his donors are going to love that.
Posted on 4/24/24 at 1:39 pm to stout
He’s so worried about the growing debt crisis, so he continues to promise free stuff and advocate for more foreign aid.
Posted on 4/24/24 at 1:41 pm to stout
Way to trigger a MASSIVE sell off.
Posted on 4/24/24 at 1:43 pm to Y.A. Tittle
How can th3ey be that stupid
Posted on 4/24/24 at 1:45 pm to stout
quote:
high income earners
many of whom have the resources to avoid US taxes when you levy this bullshite on them... pretty useless and just a talking point
Posted on 4/24/24 at 1:45 pm to stout
"Hey, somebody's gotta pay for all this free shite man."
Posted on 4/24/24 at 1:47 pm to stout
Watch out for Mike Johnson. They’ll show him those nudes again and he’ll trip all over his tiny dick to pass them through… for national security of course.
Posted on 4/24/24 at 1:56 pm to stout
I need for him (FJB) to explain that to me in 100 words or less.
Posted on 4/24/24 at 1:57 pm to stout
More money for him to steal...
Posted on 4/24/24 at 2:02 pm to The Maj
quote:
Everyone that can should divest of everything that they possibly can... frick this government.
Amen….I lost so much money in stocks this year but still had to pay taxes on capital gains…WTF…#FJB
Posted on 4/24/24 at 2:03 pm to Revelator
quote:
He’s so worried about the growing debt crisis, so he continues to promise free stuff and advocate for more foreign aid.
And nice housing & food for illegals
Posted on 4/24/24 at 2:05 pm to stout
Idiots will rejoice without realizing its lack of impact on the federal deficit while we print money into oblivion.
Posted on 4/24/24 at 2:07 pm to stout
Canada just hiked up their capital gains tax to 60 something %. absolutely ridiculous
Posted on 4/24/24 at 2:14 pm to stout
The majority of this group support open borders and America last, and those that don't stay quiet thinking they will be left alone.
Burn them all, take everything as far as I care.
Burn them all, take everything as far as I care.
Posted on 4/24/24 at 2:22 pm to stout
Just more election year bullshite that will never happen.
But he can sure run commercials about making "the rich" pay their "fair share".
But he can sure run commercials about making "the rich" pay their "fair share".
Posted on 4/24/24 at 2:28 pm to Y.A. Tittle
quote:And afterwards there won't be anyone selling anything that would trigger the new tax rate.
Way to trigger a MASSIVE sell off.
The effect wil be a one-time boost in capital gain taxes followed by a long period of ZERO large capital gains transactions.
The Law of Unintended Consequences will be invoked and the federal government will collect less, not more, in taxes.
Posted on 4/24/24 at 2:32 pm to LSURussian
quote:
The Law of Unintended Consequences
At some point it seem to me like we have to stop giving these people even this benefit of the doubt.
Posted on 4/24/24 at 2:37 pm to stout
So if you make a sound investment and it pays off, you have to share basically 1/2 your profits with the government. Thieves.
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