Biden Proposes 44.6% Capital Gains Tax- Highest in U.S. History
- Thread starter Sharky1203
- Start date
Not all money in the market is wrapped up in 401Ks,.. You think your 401K / IRA doesn't take a hit when the post tax money bails on the market?,.. When they bolt the party's over, that's how.
A 1031 exchange has a pretty specific application, it's not as if you can just hide money there...
For those interested, Biden proposed the rate hike on those making more than $400K ($450K for those married) annually. I'd guess at least 98% of this board won't be affected.
It’s better to just give up your citizen status and come in as an illegal. Seriously.
The left will throw money at you if that's the case. They're clinically insane people with these policy decisions and behavior/policy in general.
From what I'm reading the top 44.6% capital gains rate would only apply to incomes over $1MM.
Prohected virtue is their most important "virtue". Even if it's hollow to the core.
JFC do it then and report back on how that goes for you. We have it so good compared to the rest of the world it's crazy that people even type things like this.
Hold on something I'm missing here. Is this 44% tax rate going to be on all capital gains or is it going to be bracketed based on how much you made?
Cause if you made a billion dollars on capital gains. . . By all means tax a portion of that at 44%.
But if it's just some family that invested 50k and 20 years later it's 200k. They shouldn't have to pay 44% on the 150k they made.
Cause if you made a billion dollars on capital gains. . . By all means tax a portion of that at 44%.
But if it's just some family that invested 50k and 20 years later it's 200k. They shouldn't have to pay 44% on the 150k they made.
Ok that's what I was asking about before I read the whole thread.
Yeah I support this.
Capital gains shouldn't be given favored tax status over the money we make via work.
Uhh they literally give them thousands of dollars a month in some leftist cities. Same cities cutting police and fire budgets at the same time lol
Are you talking about income taxes or all taxes. Because as I've pointed out before there are a lot of different taxes out there that nearly everyone pays in some form or another. But those are all regressive taxes. It's just the one and only progressive tax, the income tax that conservatives get all pissy about. And the reason they get pissy about it quite frankly is the wealthy people are used to all the other taxes being regressive taxes, taxes that the poor have to pay a greater share of their income than the rich and so they are mad that there is one taxes where they the people with more money have to pay more. And they freaking hate it.
Denver says hi. Chicago says hi. New York city says hi.
Educate yourself and get back to me.
Like I said, Right wing fear porn. I should have included, 'brought to you by Fox News.'
So you're claiming g Denver didn't slash police budgets, or...? Please, be specific.
No, conveniently left out of Fox New's outrage machine was that only people making more than 400k (450k for families) will be affected by this. Of course, it would only be for the money after 400k taxed at the higher rate. I have seen other sources saying that the cutoff point is at $1 million. But those rich people at Fox know that screaming, "Won't anyone think of the super wealthy???" won't drive the anger they are looking for so they conveniently leave the fact that these rates won't affect 98% of the population out of the news.
Easy there Stallion. Biden wants to tax hard working Americans from improving their financial status and retirement while also providing free room and board to illegals.
Taxing 45% on long term gains would crush the economy. It’s stupid math and there always trying to help the low man on the ladder instead of providing incentives for people to try to better themselves.
exactly...if we're going to increase taxes on capital gains above $400,000, what's the point in even having a job am i right?
*Taxing 45% on long term gains only if your income is over $1MM*
Crush the economy? People are still going to invest - what else are they going to do with their money? It's still better to make a profit and pay 44.6% in tax than to not make a profit at all.
Still disagree with it. The Democrats are coming up with some crazy solutions to get more revenue. Reminds me of when Obama proposed taxing 529 College plans. One should not be punished for being successful. We need to incentive more people to gain wealth instead of trying to penalize those who are successful financially.
It's impossible to gain wealth when all the wealth is in .1% of the populations hands. The concentration of wealth is destabilizing and is in no small part responsible for the issues we are having right now.
It's not a punishment, it's the fact that the government needs money and the wealthy have the money and can supply that money without being forced from their homes or not being able to eat.
I have yet to have a wealthy person crying about their taxes who's been willing to trade incomes with a poorer person so that they could pay a lower tax rate.
And you could avoid paying those taxes entirely by just simply giving the money away. But again they don't want to do that.
But why? The Democratic Govt taxes more not to decrease the national deficit, it is to get a bigger government. That is all it is about.
No the Dem have spending plans and want to raise the taxes to pay for them. Rep oppose the raising taxes so it ends up in a deal where the Dems get some spending but with no tax increases.
Under current law that our esteemed congress folks have kept alive for years, it can. The key is never sell your assets, just trade up. Need cash, borrow against the asset - tax free.
Then when you pass away, it transfers to your heirs with a stepped up basis. For example, you bought an asset for 100,000, it is worth $1 million right before you die. Sell it before you die, pay tax on $900k. Let it go thorough your estate and your heirs get the entire $1 million asset tax free. They can sell the asset the next day and pay zero tax.
No use asking any of these left wing Dems to actually support their positions…their reply’s are generally along the lines of…fear mongering and the big/bad FOX News. Yet, they get their “information” from the likes of MSNBC and CNN aka the Clinton News Network.
No I'm referring to this that don't work at all under some BS disability excuse or don't work and get assistance in some other way. Also, criminals. Shoplifting. Drug dealing etc. Takers.
It’s a way to gain more asset without paying taxes. Most of my siblings own much more than I do as they keep doing this 1031 over the past 15 years. They are also stressed out as properties are a major cause of tension headaches and have multiple law suits involving their properties. Meanwhile, they generally live fairly frugal lives as the cash flow is not as good as you would think unless you screw over your tenants in rent( which would only multiply the headaches ie in repairs and late rent payments from pissed off tenants from said properties). I purposefully rent my Vegas properties out literally $500 below market. That’s why they care for the homes as if their own and jump when I tell them to…but still…sh!t still happens, and HOA still happens. Small cash flow from rent aside, guess how much a rental property can buy you? A dream house? A family vacation? A cup of coffee? Nope. Nothing….until you sell it. That’s why I don’t buy anymore and hold, unless I decide one day I enjoy these headaches. From the looks of it, this proposal wouldn’t affect me anyway as I certainly don’t earn that kind of income.
"....to make your life better, easier, and safer". Likely to provide services the private market sucks at doing.
