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Started By
Message
Biden Plans Retroactive Capital-Gains Tax Hikes to be Implemented This Year
Posted on 5/28/21 at 4:51 am
Posted on 5/28/21 at 4:51 am
quote:
Biden plans retroactive hike in capital-gains taxes, so it may be already too late for investors to avoid it: report
By Victor Reklaitis
May 27, 2021
President Joe Biden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.
Biden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.
Separately, a New York Times report said Biden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.
Marketwatch
16
Posted on 5/28/21 at 4:58 am to NC_Tigah
20% hike.
I hate that mother fricker so much.
I don't think anybody could destroy an economy on purpose more efficiently than the biden administration*
I hate that mother fricker so much.
I don't think anybody could destroy an economy on purpose more efficiently than the biden administration*
Posted on 5/28/21 at 5:15 am to ksayetiger
82% Hike!
Posted on 5/28/21 at 5:23 am to NC_Tigah
I don't like the idea of any tax hike being applied retroactively like this
People play games by the rules in place. Making them retroactive is bullshite.
People play games by the rules in place. Making them retroactive is bullshite.
Posted on 5/28/21 at 5:25 am to ynlvr
quote:
82% Hike!
true, I meant from 23 to 43.
but you are 100% correct
Posted on 5/28/21 at 5:29 am to ksayetiger
Claims it's on incomes over a million a year
I still don't like it being that high and I still hate it being retroactive
Hopefully congress won't sign off on his proposal as is
I still don't like it being that high and I still hate it being retroactive
Hopefully congress won't sign off on his proposal as is
Posted on 5/28/21 at 6:13 am to NC_Tigah
You can debate the merits of raising capital gains taxes to begin with.
But to raise them retroactively feels like actual theft to me. You’re punishing people who made investments in part based on the tax rules they expected to be in effect when it came time to sell. It just feels horribly slimy.
But to raise them retroactively feels like actual theft to me. You’re punishing people who made investments in part based on the tax rules they expected to be in effect when it came time to sell. It just feels horribly slimy.
Posted on 5/28/21 at 6:13 am to Powerman
Sorry Powerman, I got so worked up I didn’t even read the thread first. What you said.
Posted on 5/28/21 at 6:23 am to Powerman
quote:That is what he claims. But then the threshold will drop by 50% to include "the 1%". Then Congress will realize they previously made the STCG 43% rate applicable down to $311K/yr, so that will become the LTCG threshold as well... and so it goes.
Claims it's on incomes over a million a year
Of course, in the present market ( 793 SqFt house @ $1,975,000.00), a lot of folks in expensive housing locales who tied savings and income into their residences may have been counting on home sale windfalls.
On rumors of LTCG tax increases a couple of months ago, and d/t run up in property value we had to switch primary residences to qualify our SC place for cap gains exclusions. Stupid to have to play games like that. We'll still take a hit, but at least it avoids a bit of exposure.
Posted on 5/28/21 at 6:33 am to Powerman
quote:
still don't like it being that high and I still hate it being retroactive
It’s a hefty number but most importantly I do agree with you that retroactive changes are crazy. As others have said, you play the game and make decisions with the rules in place. It’s not cool to swap those after the games been played.
Posted on 5/28/21 at 6:59 am to NC_Tigah
quote:
Retroactive
That’s fricked up.
Posted on 5/28/21 at 7:00 am to NC_Tigah
quote:
Biden plans retroactive hike in capital-gains taxes, so it may be already too late for investors to avoid it:
Yeah. Theft is a better description
Posted on 5/28/21 at 7:16 am to HailToTheChiz
These Presidential budgets are more often than not just wishful thinking and it sounds like Menendez and Manchin won't be on board with big capital gains increases so hopefully good sense will prevail.
Posted on 5/28/21 at 7:18 am to NC_Tigah
Retroactive? Lol
If enough people say frick you federal government I'm not paying a cent in retroactive taxes that would be the end of it. And by enough I mean hundreds of thousands of upper middle class people saying frick you.
People area still too timid to consolidate and act though.
If enough people say frick you federal government I'm not paying a cent in retroactive taxes that would be the end of it. And by enough I mean hundreds of thousands of upper middle class people saying frick you.
People area still too timid to consolidate and act though.
Posted on 5/28/21 at 7:40 am to ksayetiger
quote:
I hate that mother fricker so much.
Posted on 5/28/21 at 7:43 am to Powerman
quote:
Claims it's on incomes over a million a year
It might be over a million a year to start, but you know damn well they'll slowly lower that threshold over time.
quote:
I still don't like it being that high and I still hate it being retroactive
It's just a plain slimy way of doing things. Changing things like that retroactively is some banana republic third world shithole bullshite. The way things have generally been phased in in the past allows for stability. Changing things after the fact will only undermine confidence.
Posted on 5/28/21 at 7:58 am to RedStickBR
quote:
to raise them retroactively feels like actual theft to me.
it feels like theft, .... because that is exactly what it is ...
Posted on 5/28/21 at 8:00 am to Douglas Quaid
Because no one that has assets wants the Fedgov and IRS to use their might and get financially ruined. The IRS under Dem leadership has already shown they will target people.
This post was edited on 5/28/21 at 8:01 am
Posted on 5/28/21 at 8:17 am to RedStickBR
quote:
But to raise them retroactively feels like actual theft to me.
That's because it is.
Welcome to democrats ruling the earth. Elections have consequences.
Posted on 5/28/21 at 8:33 am to NC_Tigah
Aren't most "news" headlines made to piss off the middle class nowadays?
I think they declared war a while back
I think they declared war a while back
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