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Started By
Message
Biden causes stocks to dive! Wealth tax incoming!
Posted on 4/22/21 at 12:45 pm
Posted on 4/22/21 at 12:45 pm
I hope all the dumbass soy corporate pricks are happy that Xi Biden rolled out his 39% capital corporate gains tax today. Up from Trump’s 20%! Geniuses screwed themselves by supporting the Dim takeover!
15
Posted on 4/22/21 at 12:46 pm to PinevilleTiger
quote:
Up from Trump’s 20%!
20% was the top LTCG tax rate long before Trump was in office.
Posted on 4/22/21 at 12:47 pm to ProjectP2294
quote:
20% was the top LTCG tax rate long before Trump was in office
He's talking about corporate tax rates not LTCG taxes.
The tax cuts passed in 2017 under Trump lowered the rate from 35 to 21%.
At least, that's what I think he's referencing.
Oh, I see the Biden plan now. Woof.
quote:
Bloomberg News reported Thursday afternoon that Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans. The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, according to Bloomberg News, citing people familiar with the matter.
Biden proposal effectively doubles the capital gains tax rate on $1mm income earners,” said Jack Ablin, Cresset Capital Management’s founding partner and CIO.
This post was edited on 4/22/21 at 12:51 pm
Posted on 4/22/21 at 12:50 pm to PinevilleTiger
They will either pass it along to us in higher prices or find new loopholes. I'm betting corporate tax attorneys are sharper than Joe and his crew.
Posted on 4/22/21 at 12:53 pm to PinevilleTiger
quote:
39% capital corporate gains tax today
Add 3.8% to that for the Net Investment Income Tax. So a total of 42.8%.
Posted on 4/22/21 at 12:56 pm to Teddy Ruxpin
quote:
The tax cuts passed in 2017 under Trump lowered the rate from 35 to 21%.
No, the top long-term capital gains tax has been 20% since 2013 plus the Obamacare 3.8% is added to top earners. At one point under Bush it was dropped to 15% but before that it was at 20%.
Short term capital gains are just taxed as ordinary income.
This post was edited on 4/22/21 at 12:58 pm
Posted on 4/22/21 at 12:58 pm to PinevilleTiger
quote:Stocks are down 1% right now. We'll see if this ever passes. I'm actually skeptical that the more extreme elements of his tax reform agenda have much of a chance.
Biden causes stocks to dive!
Posted on 4/22/21 at 12:59 pm to Diseasefreeforall
quote:
No, the top long-term capital gains tax has been 20% since 2013 plus the Obamacare 3.8% is added to top earners. At one point under Bush it was dropped to 15% but before that it was at 20%.
Short term capital gains are just taxed as ordinary income.
We're talking about two separate things. I think that's fairly clear. I think OP's post may have caused that
This post was edited on 4/22/21 at 1:00 pm
Posted on 4/22/21 at 12:59 pm to PinevilleTiger
He's also planning on getting rid of the stepped up basis rule at death.
Right now, if your parents die and you inherit their home, you don't pay tax on it because you get a basis of FMV at their death.
So, if they die and the house is worth $500K and you sell it for $500K, your gain is $0. If you wait a while and sell it for $700K more than 2 years later after you've lived in it, again, your gain is $0 because you have a basis of $500K and you get an exclusion of $500K ($250K for single taxpayers).
Under Dementia Joe's plan, if you parents bought that house in the 1960's for $15k and you sell it after their death for $500K, you are going to have a gain of $485K. And, unless you are already in the maximum tax bracket, that will almost certainly put you in the highest tax bracket for the year.
But, REMEMBER, RAPING Joe swore that he wasn't going to raise taxes on the middle class or anyone making less than $400K.
Seriously, how f*cking STUPID does someone have to be to vote for a LYING F*CKING SCUMBAG DEMOCRAT.
Right now, if your parents die and you inherit their home, you don't pay tax on it because you get a basis of FMV at their death.
So, if they die and the house is worth $500K and you sell it for $500K, your gain is $0. If you wait a while and sell it for $700K more than 2 years later after you've lived in it, again, your gain is $0 because you have a basis of $500K and you get an exclusion of $500K ($250K for single taxpayers).
Under Dementia Joe's plan, if you parents bought that house in the 1960's for $15k and you sell it after their death for $500K, you are going to have a gain of $485K. And, unless you are already in the maximum tax bracket, that will almost certainly put you in the highest tax bracket for the year.
But, REMEMBER, RAPING Joe swore that he wasn't going to raise taxes on the middle class or anyone making less than $400K.
Seriously, how f*cking STUPID does someone have to be to vote for a LYING F*CKING SCUMBAG DEMOCRAT.
Posted on 4/22/21 at 12:59 pm to Diseasefreeforall
Not what we’re discussing here
Posted on 4/22/21 at 1:14 pm to Teddy Ruxpin
Yes I think my post is a bit frayed but you get the point. How can all these dumbass corporate barrons support the Dims when they’re clearly voting for and bankrolling their enemies???? Makes zero sense!
Posted on 4/22/21 at 1:16 pm to Teddy Ruxpin
A lot of money gonna be moving offshore. Caymans staaaaacked!!!
Posted on 4/22/21 at 1:18 pm to Teddy Ruxpin
quote:
The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more
We’ve seen how this goes before. Soon it will be floated out with the proposal lowered to those earning $250,000 or more.
This post was edited on 4/22/21 at 1:19 pm
Posted on 4/22/21 at 1:21 pm to PinevilleTiger
quote:They aren’t idiots.
I hope all the dumbass soy corporate pricks are happy that Xi Biden rolled out his 39% capital corporate gains tax today. Up from Trump’s 20%! Geniuses screwed themselves by supporting the Dim takeover!
They are perfectly fine with this. Which, is scary.
Posted on 4/22/21 at 1:23 pm to MMauler
quote:
But, REMEMBER, RAPING Joe swore that he wasn't going to raise taxes on the middle class or anyone making less than $400K.
That's rich now. The ceiling will be lowered to 150k
Posted on 4/22/21 at 1:24 pm to PinevilleTiger
President Biden is reportedly preparing a proposal for a near-doubling of the capital gains tax for wealthier Americans, increasing the rate to 39.6 percent, up from the current top rate of 20 percent, according to a report in Bloomberg News.
The increase, in line with campaign promises, would impose the higher rate on those earning over $1 million. But when added to a 3.8 percent surcharge on investments put in place by the Affordable Care Act, the top rate could reach 43.4 percent.
The increases are unrelated to the corporate tax increase from 21 percent to 28 percent that Biden proposed for his $2.3 trillion infrastructure plan.
The increase, in line with campaign promises, would impose the higher rate on those earning over $1 million. But when added to a 3.8 percent surcharge on investments put in place by the Affordable Care Act, the top rate could reach 43.4 percent.
The increases are unrelated to the corporate tax increase from 21 percent to 28 percent that Biden proposed for his $2.3 trillion infrastructure plan.
Posted on 4/22/21 at 1:25 pm to ReauxlTide222
quote:
They are perfectly fine with this. Which, is scary.
If you're already established with a good brand, you're almost openly cheering taxes because it creates such a barrier to entry.
Posted on 4/22/21 at 1:26 pm to MMauler
I wish I could give you 100 upvotes. Anyone who voted democrat is a functional retard.
Posted on 4/22/21 at 2:05 pm to TrouserTrout
I casually disengaged some close connections in life due to this radical change in our country. I maintain the working/casual relationships with all of them, but there are no “woke” liberals in my inner circle of friends. I’ll have an open reasonable conversation with any liberal, but I just can’t trust someone who would agree and vote for this shite. It makes you question everything about their thought process and values.
Posted on 4/22/21 at 2:11 pm to GumplandTiger
I agree. My opinion of someone automatically changes once I find out they are a liberal. It’s like not being gay but enjoying being fricked in the arse. It’s stupid.
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