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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%
Twitter Link
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. ![](https://images.tigerdroppings.com/Images/Icons/Iconbanghead.gif)
![](https://images.tigerdroppings.com/Images/Icons/Iconbanghead.gif)
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...
![](https://images.tigerdroppings.com/Images/icons/shrug.gif)
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 2:37 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.
Posted on 4/24/24 at 2:49 pm to stout
idiots dont realize they raise this tax, especially that high, and they will get less revenue....
if the government will get almost half of the money you make on taking a risk.....the risk will not be worth taking
if the government will get almost half of the money you make on taking a risk.....the risk will not be worth taking
Posted on 4/24/24 at 2:54 pm to stout
quote:
The policy is clearly aimed at leveling the playing field between high ordinary income and investment income earners.
LMAO. The author is a moron.
Posted on 4/24/24 at 3:38 pm to stout
Man fuk Biden. This clown is so stupid we cannot afford another 4 years of this clown.
I don’t think I’ve hated another human being more than Biden. They seriously want me to destroy this country.
I don’t think I’ve hated another human being more than Biden. They seriously want me to destroy this country.
Posted on 4/24/24 at 3:38 pm to stout
Yeah, that’s just great timing as I am looking to sell my business in the next couple of years and retire. My retirement planning assumes 15-20% capital gains tax to be owed on the sell, not 44.6%! I might not be retiring at 53 years old after all.
This is such bullshite. I took a giant risk to start my business in 2002, worked my arse off to build it into what it is today, and now I’m looking down the barrel of a double-clutch grudge fricking from the government as I am starting to think about retiring.
This is such bullshite. I took a giant risk to start my business in 2002, worked my arse off to build it into what it is today, and now I’m looking down the barrel of a double-clutch grudge fricking from the government as I am starting to think about retiring.
This post was edited on 4/24/24 at 3:43 pm
Posted on 4/24/24 at 4:31 pm to stout
Democrats don't understand economics
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