Biden Calls for 44.6% Capital Gains Tax Rate

[1srelluc]

I have a better idea. Why not REDUCE tax rates on the people instead of raising them?

Such a move would help stimulate the economy, and actually increase the amount of taxes paid due to the increased economic activity.

Punishing people for success is no way to promote success, IMHO.

Maybe the government can also get rid of wasteful spending as well? Just a thought

Yep, revenue is not the problem as was proven with the Trump tax cuts.....Spending is the problem.

 

[BlindBoo]

Long term capital gains should be treated as income and taxed as such.

 

[Toddsterpatriot]

Do you hate successful people?

Biden does.
He needs to stop with the half measures and start confiscating everything.

 

[1srelluc]

Long term capital gains should be treated as income and taxed as such.

If you sell an asset 20 years after you purchased it a very substantial percentage of the "gain" is simply inflation.

What a friggin' racket.

The .gov devalues the currency you have by printing more resulting in an unseen tax, and if you invest that money instead, in a way designed to offset the loss created by .gov caused inflation, they tax you on value you never received.

 

[BlindBoo]

If you sell an asset 20 years after you purchased it a very substantial percentage of the "gain" is simply inflation.

What a friggin' racket.

The .gov devalues the currency you have by printing more resulting in an unseen tax, and if you invest that money instead, in a way designed to offset the loss created by .gov caused inflation, they tax you on value you never received.

You should be able to amortize the tax burden over the life of the investment so a huge one time gain would not put you in the highest tax bracket for that year.

 

[1srelluc]

You should be able to amortize the tax burden over the life of the investment so a huge one time gain would not put you in the highest tax bracket for that year.

In a sane world maybe but I suspect that people did not think any POTUS would propose such a FUBAR thing back then.

Add to that who is to say you would be able to amortize it in another 20 years the way that the leftists are going after anyone that has their heads slightly above water?

Canada just upped theirs to 65% for gains over 250K CAN.

Middle class wealth equals political power. They don’t want the middle class (what's left of it) having any political will of their own.

 

[Andylusion]

Long term capital gains should be treated as income and taxed as such.

So my parents were public school teachers. In 1983 they purchased a home for $103,000. Today that home is worth $1.2 million. Now that they are in their declining retirement years, they are considering selling their home.

Are you saying that public school teachers that invest wisely in their own home, should lose not 20% of the value of the capital gain, but rather 37% or be handed a tax bill of $400,000?

The reason I'm against this, is more than just that.

It's because investment is the basis for absolutely everything. Every single thing that exists anywhere, only exists because someone invested in it. Your clothing, your food, your housing, your utilities, even this software we're using right now to communicate over the internet.. all of it only exists because someone somewhere invested in it.

This is good. This is how economic growth happens. This why today is better than yesterday, and why tomorrow will be better than today, is because of investment.

And without investment, everything will be worse. By any and all measures.

So I think taxing at a lower rate is better. And honestly if you want to change anything to make capital gains and regular income taxed at the same rate, we should lower the income tax rate to the capital gains rate.

 

[odanny]

 

[Toddsterpatriot]

View attachment 937311

10% for Pedo Peter...err...the Big Guy.

 

[BlindBoo]

So my parents were public school teachers. In 1983 they purchased a home for $103,000. Today that home is worth $1.2 million. Now that they are in their declining retirement years, they are considering selling their home.

Are you saying that public school teachers that invest wisely in their own home, should lose not 20% of the value of the capital gain, but rather 37% or be handed a tax bill of $400,000?

The reason I'm against this, is more than just that.

It's because investment is the basis for absolutely everything. Every single thing that exists anywhere, only exists because someone invested in it. Your clothing, your food, your housing, your utilities, even this software we're using right now to communicate over the internet.. all of it only exists because someone somewhere invested in it.

This is good. This is how economic growth happens. This why today is better than yesterday, and why tomorrow will be better than today, is because of investment.

And without investment, everything will be worse. By any and all measures.

So I think taxing at a lower rate is better. And honestly if you want to change anything to make capital gains and regular income taxed at the same rate, we should lower the income tax rate to the capital gains rate.

Capital Gains Tax on Home Sales

Capital gains taxes on real estate and property can be reduced when you sell your home, up to certain tax limits, if you meet the requirements.

www.investopedia.com

They would first qualify for the 500,000 dollar exemption on primary home sales. I suggested the remaining profit be amortized over the 40 years they own the home and taxed at the appropriate rate according to their income in those years.

 

[ColonelAngus]

https://www.newsmax.com/politics/biden-capital-gains-taxes/2024/04/24/id/1162315/

Now we are getting somewhere.

Capital Gains Tax increase will hit the wealthy.

Every trade, they owe the government half of their profits. (CAPITAL GAINS)

I buy 100 shares of a stock for $10/share = $1,000
I sell 100 shares of a stock for $20/share = $2,000

Capital gains = $2,000 - $1,000 = $1000

Tax @ 50% = 50% x $1,000 = $500

Note: This ignored broker fees on both transactions

I AM ALL FOR THIS. PASS IT AND LETS SHUT UP ABOUT THE RICH NOT PAYING THEIT FAIR SHARE.

You guys sure THE RICH will allow Congress to pass this bill?

 

[WEATHER53]

No it will actually ruin long term investment and give money away to dopes who do and would piss it away
More grandstanding and vote buying

 

[whitehall]

Think about capital gains when you sell your house or a piece of property or you inherit wealth or win something in a lottery. Capital gains ain't just for the rich and the government will pick an ordinary persons pocket a lot faster than a corporation.

 

[theHawk]

https://www.newsmax.com/politics/biden-capital-gains-taxes/2024/04/24/id/1162315/

Now we are getting somewhere.

Capital Gains Tax increase will hit the wealthy.

Every trade, they owe the government half of their profits. (CAPITAL GAINS)

I buy 100 shares of a stock for $10/share = $1,000
I sell 100 shares of a stock for $20/share = $2,000

Capital gains = $2,000 - $1,000 = $1000

Tax @ 50% = 50% x $1,000 = $500

Note: This ignored broker fees on both transactions

I AM ALL FOR THIS. PASS IT AND LETS SHUT UP ABOUT THE RICH NOT PAYING THEIT FAIR SHARE.

You guys sure THE RICH will allow Congress to pass this bill?

Which will destroy investment and the economy.


Do you get a tax refund if you lose money on stocks?

 

[john doe 101]

Think about capital gains when you sell your house or a piece of property or you inherit wealth or win something in a lottery. Capital gains ain't just for the rich and the government will pick an ordinary persons pocket a lot faster than a corporation.

Most people are not taxed on the sale of a home because as you know there are certain thresholds where the gains are not taxed. Inheritance tax, as you know, has thresholds of $13.61 million before any taxes take effect. Lotteries affect almost nobody.

 

[WEATHER53]

More punitive governance inflicted upon the industrious and lawful to help fund illegals, criminals and deadbeats

 

[IDIOCRACY]

https://www.newsmax.com/politics/biden-capital-gains-taxes/2024/04/24/id/1162315/

Now we are getting somewhere.

Capital Gains Tax increase will hit the wealthy.

Every trade, they owe the government half of their profits. (CAPITAL GAINS)

I buy 100 shares of a stock for $10/share = $1,000
I sell 100 shares of a stock for $20/share = $2,000

Capital gains = $2,000 - $1,000 = $1000

Tax @ 50% = 50% x $1,000 = $500

Note: This ignored broker fees on both transactions

I AM ALL FOR THIS. PASS IT AND LETS SHUT UP ABOUT THE RICH NOT PAYING THEIT FAIR SHARE.

You guys sure THE RICH will allow Congress to pass this bill?

Yeah, leftists are on-board with all kinds of things that sound cool, where they don't have a mental capacity to think it through. That's the thing about leftism, first they suck your brains out, then they throw irrational shit at you for a nod.

You're a leftist right?

 

[john doe 101]

Which will destroy investment and the economy.


Do you get a tax refund if you lose money on stocks?

LOL all of that is wrong.

 

[WEATHER53]

Most people are not taxed on the sale of a home because as you know there are certain thresholds where the gains are not taxed. Inheritance tax, as you know, has thresholds of $13.61 million before any taxes take effect. Lotteries affect almost nobody.

Most are taxed on the sale but it’s deferred IF you buy another one
Non primary residences are taxed immediately unless you do a tax free exchange via buying another one.
Industrious producers being industrious and not interested in funding illegals, criminals and irresponsible desdbeats

 

[Donald H]

Ordinary working class Americans will never consent to stealing OPM as the means of getting their piece of the American pie.

That has traditionally had to come from some defeated foreign source.