I am not a super smart lib and I am not familiar with Biden's plan, but taxing dividends and capital gains at the same rate as your other income is logical. If your marginal tax rate is 44%, then that should apply to all forms of income. I am not saying it should be 44%, but if all of one's income was taxed the same, that is at least facially fair in my book. I will leave it to someone smarter or better versed in the area to tell me why I'm wrong.
It's a way to tax the wealthy that avoid paying taxes. They are only paying 0-20% cap gains rate (and only 20% if the gains are over $500K+. I know you are trying to see this through a GOP viewpoint, but I'm guessing this change in cap gains tax won't affect you in the least and will probably help you on your taxes by reducing your overall contribution.
There is also a lot more services and infrastructure than in 1862.
At some point there will have to be additional taxes. We cant get out of this debt with just cutting of spending. Increased tax rates will have to occur. What increases occur is up for debate, and this is only a proposal that I doubt passes. I currently have a lot of unrealized long term capital gains and would hope it stays as is personally but would be willing to maneuver or pay it if need be.
this isn't being introduced...we already have capital gains taxes
It only makes sense that if “you need money” you get it from the folks who have it. Willie Sutton robbed banks because……….that is where the money was.
And if he did something that voters largely approved of, you would just say that he is pandering to voters and trying to buy their votes. It doesn’t matter what he does or doesn’t do, you’ll find a way to criticize him for it.
You like all lefties have been brain washed. The reason capital gains is taxed at a lower rate is because to get people to invest in potentially risking stocks and other investments, there needs to be an incentive. What incentive would there be to buy stocks that might lose value, if I don't gain a thing if they do well? The left loves to claim the only people who benefit from lower taxes is the rich, that's insane.
Find…but when @xasged in” it should ge taxes as income at tge established rates…I don’t get that “break” with my stock purchases fir retirement…when I cash in, Ipay taxes at regular rates. It’s a grossly unfair advantage for folks who don’t really need a break.
The Long Term Capital Gain tax rate for filers in the 12% marginal tax bracket is 0%. Are you in favor of this?
You may need to sit down with someone who understands finances, so you can reduce your tax liability.
Just curious, what do you consider as one of the “crowning achievements” of the Biden Administration?
Because such a large capital gains tax would significantly cut the level of capital in this country. Thereby, lowering the amount of investment in small companies, which in turn, would reduce employment opportunities for lower/middie/class individuals. That’s a simplistic overview, but summarizes why such a large increase in capital gains tax would be detrimental to the economy.
Yeah he's going the opposite direction. Should eliminate capital gains tax, and have it paid as income tax. Income is income. Prop up ss and Medicare that way as well.
Your home you live in isn't subject to CG tax
Because the income is still income. You took the chance on make the wager and it didn’t pay off. They have nothing to do with each other.
The estate tax needs to go away. The step up in basis also needs to go away. For all estates. If you inherit farmland you never have to sell. But if you sell you have to pay capital gains taxes. I don’t understand why this isn’t the most fair way of doing this.
People invest in things like businesses and the stock market in order to make more money. There is a significantly higher return from those investments. That higher return would still be there.
The net “income is still income” has dropped with losses.
The debt can't be paid off. What our government is doing is unsustainable. And it's pretty sad that you have fallen for the narrative that the taxpayer should be bent over even harder to make a show of trying to offset the government's irresponsible and inefficient spending. The debt is greater than the GNP. For reference, these are old numbers, the debt is even larger now, and growing by a trillion every hundred days.....it's 22% higher than the U.S. gross national product. It's six times the U.S. debt figure in 2000 ($5.6 trillion). Paid back interest-free at the rate of $1 million an hour, $33 trillion would take more than 3,750 years.
