Biden Calls for 44.6% Capital Gains Tax Rate

[CowboyTed]

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?

Well this is coming from News Max... What the fuck do we expect...

Read what Forbes says, might be a bit more balanced..

Biden Capital Gains Rate Proposal: 44.6%?

The number being bandied about is 44.6%, which would be the highest formal federal capital gains rate since its inception.

www.forbes.com

Top rate for top earners...

 

[WEATHER53]

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

Written off but not refunded

 

[AHZ]

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?

tariffs are a better investment to help the working poor.

 

[CowboyTed]

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.

Get you information froma better source and we get this:

44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000.

Generally I think is targeted at the wealthy as to claw back the 8.2% average billionaires pay in tax..

 

[westwall]

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?

But the bidens are exempt from taxes, apparently.

 

[john doe 101]

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

Try that again, idiot.

I addressed all your faulty points. Only 35% of Americans own stock outside of a 401k or IRA. That isnt the majority of households.

 

[Toddsterpatriot]

Generally I think is targeted at the wealthy as to claw back the 8.2% average billionaires pay in tax..

Billionaires don't pay 8.2% on average.
That's a leftist lie.

 

[Dadoalex]

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.

In selling your personal home there is a $500k exemption for the gain for a married couple.

Buy your home for $50k and sell it for $550K there is no tax.
But your home for $50kand sell it for $1M and you pay capital gains on $450K

You'll pardon me if I don't get upset about someone paying $67K in taxes on a $950K gain netting $883K after taxes.

 

[Hollie]

I addressed all your faulty points. Only 35% of Americans own stock outside of a 401k or IRA. That isnt the majority of households.

Your opinions are faulty in that the percentage of Americans who directly own stocks would clearly be harmed by greater taxes on capital gains.

 

[ColonelAngus]

If lefties MEAN IT when they say THE RICH SHOULD PAY THEIR FAIR SHARE……this is the answer.

45% GAP GAIN TAX

I love it. Pass this immediately.

NO DOWN SIDE AT ALL.

MAKE IT 90%.

 

[Fort Fun Indiana]

Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - Americans for Tax Reform

And don’t forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states President Biden has formally proposed the highest top capital gains tax in over 100 years. Here is a direct quote from the Biden 2025 budget proposal: “Together, the...

www.atr.org

And don’t forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states

President Biden has formally proposed the highest top capital gains tax in over 100 years.

Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.

Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.

Geezus, almost every day he has to come up with something to hate him more. FJB. Of course they'll be loopholes for his buddies.

I would like to think that it would never pass the House.

Then again they just sent billions to other countries even though they said they would have to have border reform done first.

More:

MSN

Excellent.

 

[john doe 101]

Your opinions are faulty in that the percentage of Americans who directly own stocks would clearly be harmed by greater taxes on capital gains.

Few in U.S. owned stocks outside of 401(k)s in 2019, fewer said market had a big impact on their view of economy

Before COVID-19, wages, job availability and health care costs mattered more than the stock market in Americans' views of how the economy was doing.

www.pewresearch.org

It's not my opinion. It's a fact. Also, the 44.6% rate would only apply to those individuals with taxable income above $1 million and investment income above $400,000, decreasing the 35% affected as only a very few Americans have taxable income above $1 million.

 

[ColonelAngus]

No down side.

All gains on investments taxed at 45%.

What could possibly go wrong.

I encourage the Dims to push this through immediately and be very vocal about it being THEIR IDEA.

 

[Hollie]

Few in U.S. owned stocks outside of 401(k)s in 2019, fewer said market had a big impact on their view of economy

Before COVID-19, wages, job availability and health care costs mattered more than the stock market in Americans' views of how the economy was doing.

www.pewresearch.org

It's not my opinion. It's a fact. Also, the 44.6% rate would only apply to those individuals with taxable income above $1 million and investment income above $400,000, decreasing the 35% affected as only a very few Americans have taxable income above $1 million.

Few in U.S. owned stocks outside of 401(k)s in 2019, fewer said market had a big impact on their view of economy

Before COVID-19, wages, job availability and health care costs mattered more than the stock market in Americans' views of how the economy was doing.

www.pewresearch.org

It's not my opinion. It's a fact. Also, the 44.6% rate would only apply to those individuals with taxable income above $1 million and investment income above $400,000, decreasing the 35% affected as only a very few Americans have taxable income above $1 million.

It seems you wanted to sidestep a fact in the Forbes article;

“A separate proposal would first raise the top ordinary rate to 39.6 percent …"

I suppose Biden's claim that no one making less than $400 000 would pay a penny more in taxes was just another falsehood.

Realized capital gains is income despite your anticipated, "but... but... but.."

 

[marvin martian]

Stupid proposal and highly unlikely to pass. It would create a huge disincentive to invest. I'm not a millionaire and I invest in stocks, particularly those with dividends. I'd like to reach a point that I can actually live off my dividends when I retire. Plenty of middle class and upper income people do. The Democrats talk as if only millionaires and billionaires are in the market.

That appeals to their dependent voters, who don't work and will never earn money.

It's also interesting to note that Biden picked 44% as the number. 44 is half of 88, a well known neo-Nazi code for "Heil Hitler".

 

[ColonelAngus]

THE RICH = $1 million/per year only?

SO THIS TAX HIKE WOULD APPLY TO NO ONE IN CONGRESS?

Of course not.

PASS THIS LAW FOR EVERYONE.

 

[task0778]

tariffs are a better investment to help the working poor.

I don't think so. Tariffs tend to make stuff cost more and the working poor or ordinary poor don't need that. And then there's the inevitable payback when the affected countries raise tariffs on our stuff going overseas.

 

[john doe 101]

It seems you wanted to sidestep a fact in the Forbes article;

“A separate proposal would first raise the top ordinary rate to 39.6 percent …"

I suppose Biden's claim that no one making less than $400 000 would pay a penny more in taxes was just another falsehood.

Realized capital gains is income despite your anticipated, "but... but... but.."

That's the top rate, idiot. Look at the bottom of the Forbes article..."American billionaires pay an average individual income tax rate of just 8.2%, which might cast them as somewhat less deserving of victim status in the eyes of the average taxpayer.

 

[Hollie]

That's the top rate, idiot. Look at the bottom of the Forbes article..."American billionaires pay an average individual income tax rate of just 8.2%, which might cast them as somewhat less deserving of victim status in the eyes of the average taxpayer.

Read the exact quote, idiot.

A separate proposal would first raise the top ordinary rate to 39.6 percent …"

Did you see "ordinary rate"?

 

[john doe 101]

Read the exact quote, idiot.

A separate proposal would first raise the top ordinary rate to 39.6 percent …"

Did you see "ordinary rate"?

Yeah dipshit....the TOP RATE. That's for income OVER $578k under current top rate guidelines.