Biden Calls for 44.6% Capital Gains Tax Rate

[john doe 101]

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.

Most working people cant afford stocks.

 

[WEATHER53]

LOL all of that is wrong.

No it is not
Get in the reality lane instead of wishful one

 

[WEATHER53]

Most working people cant afford stocks.

Wrong

 

[Redheaded Stranger]

Tax them 100%. That'll teach 'em!

 

[BluesLegend]

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?

Only 50%? Dems want 90% and some want to cap wealth altogether with 100% going to the government to be distributed to the fat lazy ass moochers.

 

[BluesLegend]

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.

It's already happening as the capital gains tax deduction hasn't kept pace with the rise in home values. The working class are already getting hammered on capital gains.

 

[Hollie]

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?

What a horrible plan. As usual, this is intended to whack the middle class with more taxes allowing the Dems / Socialists to spend more. It's the middle class which has enormous amounts of money invested by way of mutual funds, IRA's, retirement funds, etc.

 

[john doe 101]

What a horrible plan. As usual, this is intended to whack the middle class with more taxes allowing the Dems / Socialists to spend more. It's the middle class which has enormous amounts of money invested by way of mutual funds, IRA's, retirement funds, etc.

IRA's and retirement funds arent taxed at the cap gain rates, they are taxed at whatever bracket you're at when you make the withdrawal.

 

[john doe 101]

It's already happening as the capital gains tax deduction hasn't kept pace with the rise in home values. The working class are already getting hammered on capital gains.

no, they arent.

 

[EvilCat Breath]

Which will destroy investment and the economy.


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

The entire point is to destroy the economy.

 

[john doe 101]

Only 50%? Dems want 90% and some want to cap wealth altogether with 100% going to the government to be distributed to the fat lazy ass moochers.

Incorrect.

 

[Toddsterpatriot]

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

Yes. Up to $3000 in losses per year can be written off against ordinary income.

 

[Hollie]

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?

What a horrible plan. As usual, this is intended to whack the middle class with more taxes allowing the Dems / Socialists to spend more. It's the middle class which has enormous amounts of money invested by way of mutual funds, IRA's, retirement funds, etc.

IRA's and retirement funds arent taxed at the cap gain rates, they are taxed at whatever bracket you're at when you make the withdrawal.

They are if you withdraw early. There's also a penalty.

Nearly 60% of US households are invested in stocks. This is just the usual tax and spend policy of the Dems / Socialists.

 

[Dadoalex]

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?

Or
You could choose to leave that $2000 in investments where it will grow, contribute to employment growth while continuing to grow your personal wealth.

 

[theHawk]

Yes. Up to $3000 in losses per year can be written off against ordinary income.

Being written off as ordinary income is not getting paid for losing money. Yet you are taxed if you make money.

 

[Foxfyre]

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?

A capital gains tax of that magnitude will devastate all the less rich people. There will be little or no money to borrow for anything. The rich will rapidly move their businesses, their cash, their investments, their jobs off shore. And every American with IRAs or 401ks they plan to depend on for their retirement will take a huge hit because the markets will crash big time. Pretty much everybody in the country will be the poorer for it EXCEPT the rich.

The numbnuts who think you can get the money you want by coercing the rich without hurting the poor are frankly idiots.

 

[john doe 101]

What a horrible plan. As usual, this is intended to whack the middle class with more taxes allowing the Dems / Socialists to spend more. It's the middle class which has enormous amounts of money invested by way of mutual funds, IRA's, retirement funds, etc.


They are if you withdraw early. There's also a penalty.

Nearly 60% of US households are invested in stocks. This is just the usual tax and spend policy of the Dems / Socialists.

If you withdraw early from an IRA, its' taxed at your regular tax bracket, not at the cap gains rate. The penalty has always existed and has nothing to do with cap gains. Try again, idiot.

 

[john doe 101]

A capital gains tax of that magnitude will devastate the poor. There will be little or no money to borrow for anything. The rich will rapidly move their businesses, their cash, their investments, their jobs off shore. And every American with IRAs or 401ks they plan to depend on for their retirement will take a huge hit because the markets will crash big time. Pretty much everybody in the country will be the poorer for it EXCEPT the rich.

The numbnuts who think you can get the money you want by coercing the rich without hurting the poor are frankly idiots.

Wrong.

 

[Frankenstein]

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?

You know there will be loopholes for rich donors!

 

[Hollie]

If you withdraw early from an IRA, its' taxed at your regular tax bracket, not at the cap gains rate. The penalty has always existed and has nothing to do with cap gains. Try again, idiot.

Doesn't address the majority of households which use stock ownership as an investment vehicle.

Try that again, idiot.