Joint Tax Committee: Top 1% makes 19% of income and pays....
- Thread starter 86Hawkeye
- Start date
He can. It's demonstrated often.
Understood.
This “new income” was made with after tax $$.
It’s similar to an estate tax which almost everyone understands as double taxation and unfair. Thankfully the estate tax exemption has been raised due to the unfairness of it.
If you’re a manager somewhere can i get the company name so i can short it.
You obviously don't. It's not similar to estate tax at all. That "new income" is new income. It's not a gift.
JFC
And you're paying 20% capital gains tax, not your standard income tax bracket tax. So, effectively a tax break.
It is not at all similar to an estate tax. An estate tax is a transfer of existing assets (some post-tax) and is in some circumstances double taxation. But, you get about $5.5 million in untaxed asset transfer (temporarily now up to $11-12 million) and only pay taxes on anything over that $5.5 million. You can also double that amount if married, so $11 million (now $22-24 million). How many Americans have estates that large? Only 3% of estates are worth >$5 million. Typical estates are $50,000-$250,000, so they aren't even close to being taxed.
How is inheriting money in any way similar to earned income from capital gains?
Yep
You get cap gains exempted on certain inherited amounts/assets. Those gains carry over w/o taxation.
No shit.
Inherited $$ like my $$ invested have already been taxed once. Maybe try explaining how electric cars don't have transmission again.
That's one way to put it. Actually give a tax break TO THE PEOPLE WHO ARE ACTUALLY PAYING TAXES.
I didn't. You obviously failed if you are making stupid claims like "double taxation" about capital gains.
FFS you're stupid. Not all inherited $$ have been taxed already.
"minor concentration"
= I didn't receive a Major degree OR a Minor degree, I took one class.
It was likely true because Income Tax rates are different from Capital Gains rates for Long Term Capital Gains. Short Term Gains are taxed at the marginal income tax rate.
That's not what you claimed. Good to see you've finally learned this.
Unless there are losses. Which would offset gains or allow you to pay less in taxes.
Yep.
Lot of people going to be taking that deduction for this year thanks to Slow Joe's economy.
There are limits to how much losses can offset gains, and large losses have to be spread over multiple years.
What are the limits to offset gains? I know you can only claim 3K in Net Capital losses and carryover the rest till next year and the next....
3,000 can be offset w capital losses on income. But you can offset dollar for dollar capital gains with capital losses. Which makes sense.
You are being silly on this subject. We don’t tax money, we tax transactions.
The money you take home from a paycheck is then used again in a multitude of ways. You can use that money to buy gasoline, on which their will pay excise taxes. You can use that money to buy a pair of shoes, and again pay taxes. You can use it to invest in a stock that pays dividends, and you will pay taxes on those dividends. You can buy a McDonalds franchise, make a bunch of money, and pay taxes on all of it. But sales tax is not double taxation. Nor are any of the others.
