Blues Man
Diamond Member
- Aug 28, 2016
- 35,513
- 14,899
- Thread starter
- #21
What Bullshit
Small business will return to the rates they paid for 40 years
Except for Biden's new capital gains tax
Look it up.
When you sell a business everything above your basis is capital gains so you think it's OK for a person who has never once made 1 million dollars in a year to be taxed at 40%? So when a person sells a business and thsat sale pushes his income to 1 million dollars for that one event that will never happen again he will lose 40% of the profits of that sale to the fucking government. And what's more Biden wants to make this tax hike retroactive so no matter when it's passed ( if democrats win the senate it will be) any small business owner who sells even if it's before the law is passed will pay the 40% tax
Most small business owners sell a business to fund their retirement.
Biden's Capital Gains Tax Plan Fixes Nothing
Small-business owners may still pay a higher marginal tax rate than wealthy people with investments -- and possibly a higher effective rate too.
www.bloomberg.com