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Started By
Message
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Posted on 10/21/20 at 12:31 pm
Posted on 10/21/20 at 12:31 pm
(no message)
This post was edited on 1/30/21 at 5:31 pm
15
Posted on 10/21/20 at 12:32 pm to 98eagle
But he isn’t going to raise taxes one penny for anyone making under $400k....
This post was edited on 10/21/20 at 12:32 pm
Posted on 10/21/20 at 12:32 pm to 98eagle
quote:
That will really devastate the middle class and retirees. For example, if you are depending on a 401K, IRAs and/or dividends for income in retirement any pre-tax amounts will get hit with a 43% tax when you withdraw. That is a massive increase.
What? Is he replacing income taxes with this?
This post was edited on 10/21/20 at 12:33 pm
Posted on 10/21/20 at 12:33 pm to 98eagle
Wait until the 401ks are nationalized and dumped into the Social Security funds...
Posted on 10/21/20 at 12:33 pm to Janky
(no message)
This post was edited on 1/30/21 at 5:33 pm
Posted on 10/21/20 at 12:34 pm to 98eagle
He's out of his mind!
He has no idea what that will do to the investment market.....and he really does not care.
Tax and Spend....the only Democrat way of thinking!
GEAUX VEAUXT!
GEAUX 45 to 270+
He has no idea what that will do to the investment market.....and he really does not care.
Tax and Spend....the only Democrat way of thinking!
GEAUX VEAUXT!
GEAUX 45 to 270+
Posted on 10/21/20 at 12:34 pm to 98eagle
For what tax brackets? All of them?
Posted on 10/21/20 at 12:35 pm to 98eagle
quote:
It was on Maria Bartiromo's show this morning.
Just to clarify, they are going to scrap income tax rates on distributions and replace it with a 45% flat rate?
Posted on 10/21/20 at 12:37 pm to 98eagle
We will soon see whether indoctrination and propaganda have conditioned the US electorate to a condition in which this sort of thing is no longer an election issue.
We'll be taxed at a 50% rate within our lifetimes, for sure.
We'll be taxed at a 50% rate within our lifetimes, for sure.
Posted on 10/21/20 at 12:37 pm to jimbeam
I already have my accounts ready to close down and withdraw within 24 hours of a Biden win. Set yours up now if you're old enough and have participated in pre-tax contributions. If you're young and cannot touch feel bad for you in this situation.
Posted on 10/21/20 at 12:38 pm to Janky
quote:
Just to clarify, they are going to scrap income tax rates on distributions and replace it with a 45% flat rate?
My question as well since 401k/IRA distributions are taxed as ordinary income related to your income bracket. That's why Roths make more sense when you are young and in a lower bracket. And less so as your salary grows over your career.
This post was edited on 10/21/20 at 12:39 pm
Posted on 10/21/20 at 12:38 pm to 98eagle
Yea, **** all of that. That's ridiculous. I'm sick of this theme of punishing people for working their asses off and being successful.
Posted on 10/21/20 at 12:39 pm to 98eagle
Dam almighty!! Does Biden realize we don't all have do-nothing jobs that pay $2M/ yr??
Posted on 10/21/20 at 12:40 pm to Janky
(no message)
This post was edited on 1/30/21 at 5:32 pm
Posted on 10/21/20 at 12:40 pm to Bandit1980
quote:
within 24 hours of a Biden win
He wouldn't become president right away.
Posted on 10/21/20 at 12:44 pm to 98eagle
quote:Only for some of us......for now.
Biden's Proposed 43% Capital Gains & Dividend Taxes
quote:
Currently, an individual earning between $0 and $40,000 pays a 0% long-term capital gains tax. An individual earning between $40,000 and $441,450 pays a 15% long-term capital gains tax. An individual earning more than $441,450 pays a 20% long-term capital gains tax. The respective rates for married couples filing jointly, heads of households, and married couples filing separately are provided www.irs.gov/taxtopics/tc409 by the IRS.
According to an analysis by the Committee for a Responsible Federal Budget (CRFB), an independent and nonpartisan public policy organization based in Washington, D.C., the capital gains tax rate for those making more than $1 million would increase from 20% (plus a 3.8% surtax) to 37% (plus a 3.8% payroll tax) under Biden . This change is likely where the posts’ claim, which lacks key context, originates.
According to the CRFB, Biden’s plan “would eliminate the preferential treatment of capital gains and dividends for higher earners.”
Eric Toder, co-director of the Tax Policy Center, another independent public policy think tank in Washington, D.C., told Reuters via email that under Biden’s plan, “there is no increase in the capital gains rate for taxpayers with income below $1 million.” The Tax Policy Center’s full analysis of the Democratic presidential nominee’s tax plan is available here.
LINK
Posted on 10/21/20 at 12:48 pm to xxTIMMYxx
quote:Right. But the markets would react as if he was.
He wouldn't become president right away.
Posted on 10/21/20 at 12:48 pm to 98eagle
Isn’t this only for people making >1MM/year?
Posted on 10/21/20 at 12:49 pm to NC_Tigah
Right. But the markets would react as if he was.
Yea, I'm already ahead of that.
Yea, I'm already ahead of that.
Posted on 10/21/20 at 12:50 pm to jimbeam
It not the clearest written thing. But it’s income over $1 million for the top capital gains and dividends bracket. Not sure what the lower brackets would move too
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