re: “Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans”

One thing missed in your replies ( and I see your point even if I don’t really agree) is that it applies to $1MM income in a year, not every year. In some cases a significant capital gain might trigger that amount. Maybe a guy builds a business and sells it. That will give him $1MM that one year.

High taxes on capital gains sell well in certain circles, because it sounds like they are going after the ‘trust fund’ people. Well, yes, that’s true. But a LTCG type event is often the single main trigger that propels a family up in prosperity. No way should LTCG ever be taxed as much as ordinary income. Not everyone that benefits from it is deriving all or even most income from those types of transactions

your income is taxed
you invest dollars that have been taxed in the market
the gains on those already taxed dollars are then taxed
you die, and those already taxed dollars and already taxed gains are both taxed again

at a certain point the taxes outweigh the gains on the investment and skew the risk/reward math away from equity investment.

BTW this (40+% capital gains tax) will never fly.
politics and especially tax politics are gamified to an extent relatively unnoticed by the genpop. Dems set the top range, Repubs set the bottom range, horse trading begins and we eventually arrive right back where we started. Anyone scared off by this can sell, I’ll be buying the MFing dips. Never lose sight of the fact that the wealthy make the rules and if there’s a rule being considered that will hurt them the most, it’s all for show

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and you've got people in this thread that haven't paused long enough to consider the difference between millionaire and a million in annual income.

By the way, making one million or more in annual income puts you at the top tenth of one percent in the entire world.

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You are forgetting about the thousands of small busineess owners every year that after spending most of their lives creating and building a business sell it to fund their retirement. For one year out of a lifetime of working they will possibly earn over one million dollars.

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crypto has survived a 43% tax based on gains since the original purchase price?

lulz

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Crypto stretches beyond US borders

And not everyone investing in crypto makes over a million a year

Total revenue to the federal government will go down because of reduced economic activity. It always does when they Jack up taxes like this. Whose dumber the voters or the Dems.

You seem like one of those people who likes to be wrong.

And frick every liberal who is on here downvoting!

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BTW this (40+% capital gains tax) will never fly.
politics and especially tax politics are gamified to an extent relatively unnoticed by the genpop. Dems set the top range, Repubs set the bottom range, horse trading begins and we eventually arrive right back where we started. Anyone scared off by this can sell, I’ll be buying the MFing dips. Never lose sight of the fact that the wealthy make the rules and if there’s a rule being considered that will hurt them the most, it’s all for show

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Very much agree with this. Won't happen.

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youre an idiot

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Because you disagree with a position that you think I hold?

Seems unsound.

It seems that some people see LTCG as a rich man’s income and see that reduced tax rate on it as a loophole or gift to the wealthy.

Well, to ‘get’ those few people, you have to screw over lots of mom and pop, small business startup types. We need to stop thinking of how to ‘get’ the few people that live on LTCG by taxing the gains. Such gains are one of the main ways families realize the American Dream. Why in the world would we want an anchor on that?
And, before you ask, essentially none of my income comes from LTCG