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Posted: 4/24/2024 9:33:46 AM EDT
Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922
Twice as high as China's rate....is this a move to funnell Big Money into China? https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922/ |
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Posted: 4/24/2024 9:42:51 AM EDT
[Last Edit: Gator]
[#1]
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.
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TX, USA
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Posted: 4/24/2024 9:43:58 AM EDT
[#2]
Well that is definitely one way to cripple investment spending in the US.
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TX, USA
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Posted: 4/24/2024 9:45:56 AM EDT
[#3]
A tax on capital gains is like a tax on inflation (mostly).
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Posted: 4/24/2024 9:46:39 AM EDT
[Last Edit: Firearmsenthusiast]
[#4]
Holy shit, that would be catastrophic.
Also a sure fire way to re-elect Trump, even people that hate him would want this revoked. |
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Posted: 4/24/2024 9:46:41 AM EDT
[#5]
He can call for it all he wants. That would never pass the House.
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Posted: 4/24/2024 9:47:22 AM EDT
[#6]
I call Xiden to go fuck himself.
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Posted: 4/24/2024 9:48:35 AM EDT
[#7]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. You sure about that? They just sent billions to other countries even though they said they would have to have border reform done first. |
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Posted: 4/24/2024 9:49:09 AM EDT
[#8]
Quote HistoryOriginally Posted By MeInMediocrity: A tax on capital gains is like a tax on inflation (mostly). This, plus large numbers of boomers leaving real estate to their heirs in the near future. FJB isn’t smart enough to think of this but whoever has their hand up his ass is using him to sell it. |
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Posted: 4/24/2024 9:50:34 AM EDT
[#9]
But is congress insider trading exempted?
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Posted: 4/24/2024 9:52:19 AM EDT
[#10]
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Posted: 4/24/2024 9:53:15 AM EDT
[#11]
Quote HistoryOriginally Posted By laxman09: You sure about that? They just sent billions to other countries even though they said they would have to have border reform done first. Yes. Serious border reform isn't going to happen with a Democratic president unless there is a veto proof majority. Couple that with a Democratic majority in the senate and a RAZOR thin margin in the House and its simply impossible. |
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Posted: 4/24/2024 9:54:41 AM EDT
[#12]
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CO, USA
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Posted: 4/24/2024 9:57:00 AM EDT
[Last Edit: Wammel]
[#13]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Between the "never trumpers", "principled conservatives", and "voting dosen't matter" crews it stands a reasonable chance next year. |
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Posted: 4/24/2024 9:57:03 AM EDT
[Last Edit: nightstalker]
[#14]
Agreeing to what % taxation for long term capital gains should probably have some steps. Right now we just have 1 year and under is short term taxed at regular income levels. Over a year, taxed at less. 1031 RE exchange profits are just carried forward and not taxed until sold.
If a government is talking about taxing paper profits (and they have been) they should be abolished and ground into wormmfood. |
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Posted: 4/24/2024 9:58:40 AM EDT
[#15]
So, that is their " fair share" amount?
Fuck them. They will be exempt. |
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Posted: 4/24/2024 9:58:51 AM EDT
[Last Edit: TheYellowThing]
[#16]
Double
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Posted: 4/24/2024 10:00:14 AM EDT
[#17]
Y’all get ready.
Election’s fixed: illegals with voter cards. Pay off yer debt and buckle up. |
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Posted: 4/24/2024 10:00:39 AM EDT
[#18]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Good one. |
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Posted: 4/24/2024 10:01:09 AM EDT
[#19]
Election year gimmick. It’ll never happen, but if it does, people will rush to pull cash out before the rate hike takes effect, and then he’ll take credit for stimulating the economy.
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USA
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Posted: 4/24/2024 10:01:13 AM EDT
[Last Edit: Socio]
[#20]
It is like Washington DC is full of addicts that are hooked on the power rush that comes from giving away money, almost like a compulsive lottery scratch off user.
They want to keep giving away more to see how much gets funneled back to them and like addicts they are looking form more ways to steal money from the taxpayers so they can give it away. |
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Posted: 4/24/2024 10:04:03 AM EDT
[#21]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. I can see a compromise. Reach across the aisle and get a bi-partisan 44.5% tax. |
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MA, USA
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Posted: 4/24/2024 10:04:34 AM EDT
[#22]
LoL, Pelosi is not paying 44% on her yearly lottery winnings.
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USA
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Posted: 4/24/2024 10:05:04 AM EDT
[#23]
Quote HistoryOriginally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. That alone will reshape capital investment. Talk about the law of unintended consequences...let's make Real Estate, housing, retirement, and a 2000 calorie per day diet literally impossible instead of just very difficult. This is the kind of nonsense that sounds good in a college dorm passing the bong around. He's trying to woo the hard Left that's been so disappointed that he hasn't rounded up the Jews or forgiven their college loans yet. |
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Posted: 4/24/2024 10:06:13 AM EDT
[#24]
Quote HistoryOriginally Posted By Firearmsenthusiast: Holy shit, that would be catastrophic. Also a sure fire way to re-elect Trump, even people that hate him would want this revoked. I'm not so sure. Half of Americans have nothing saved for retirement. They may think this is another way to ramp up the gravy train from the "rich people that hoard all of the money". Got to make people reliant on the government, and the pittance we may get from Social Security if we ever make it to the retirement age they keep extending. |
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TN, USA
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Posted: 4/24/2024 10:06:26 AM EDT
[#25]
Quote HistoryOriginally Posted By TheYellowThing: So, that is their " fair share" amount? Fuck them. They will be exempt. More. |
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Posted: 4/24/2024 10:07:21 AM EDT
[#26]
Quote HistoryOriginally Posted By TheRealBluedog: Election year gimmick. It’ll never happen, but if it does, people will rush to pull cash out before the rate hike takes effect, and then he’ll take credit for stimulating the economy. It's just a way to rile up the left base. A move like that would never happen. If it did it would absolutely crush the finance sector. Finance is what drives the United States. Kinda like how all Republicans want to talk about our pot needles and abortion. Same shit different day. |
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Posted: 4/24/2024 10:07:27 AM EDT
[#27]
Think about this...there are people that think he is the best President of all time.
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NC, USA
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Posted: 4/24/2024 10:08:10 AM EDT
[#28]
Canada announced a 65% capital gains tax on earnings over $250K CDN this week..
Its like these assholes all follow the same orders everywhere. 
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WV, USA
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Posted: 4/24/2024 10:08:38 AM EDT
[#29]
This "info" is all coming from a single web site. Has to be true.
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Posted: 4/24/2024 10:10:59 AM EDT
[#30]
Whoever's controlling Biden wakes up every morning and thinks "how can we piss off the country today?"
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Posted: 4/24/2024 10:15:36 AM EDT
[#31]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Neither would more deficit spending so we can send more money to Ukraine. |
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Posted: 4/24/2024 10:16:03 AM EDT
[Last Edit: FALARAK]
[#32]
Disingenuous article and discussion.
While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. |
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Posted: 4/24/2024 10:22:05 AM EDT
[#33]
There are an endless number of things you can do with other people's money. Doesn't require much intelligence or introspective capacity. And a percentage can filter back to you if you do it right. Lazy bastards may they all rot in hell.
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LA, USA
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Posted: 4/24/2024 10:22:32 AM EDT
[#34]
Quote HistoryOriginally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. |
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UT, USA
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Posted: 4/24/2024 10:22:50 AM EDT
[#35]
holy fuck. that's insane.
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Posted: 4/24/2024 10:23:00 AM EDT
[Last Edit: delemorte]
[#36]
Every member of congress should be subject to a 90% gains tax on any investments made that even remotely has anything to do with gov funding, investment or regulation. Expand that to every single decision maker in the cabinet or the pentagon.
Fuck every one of those Cock Suckers in the beltway. |
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Posted: 4/24/2024 10:23:41 AM EDT
[#37]
Quote HistoryOriginally Posted By RevDeadCorpse: LOLOLOLOLOLOLOLOLOL.... Good one. Quote HistoryOriginally Posted By RevDeadCorpse: Originally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Good one. He's probably right. The GOP house would probably not pass a massive tax increase for Biden right before the election. |
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FL, USA
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Posted: 4/24/2024 10:26:53 AM EDT
[#38]
The guy is on crack, he's pandering, it'll never happen... He would effectively kill the stock market. Though with the yahoos in charge, nothing would surprise me.
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MP, USA
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Posted: 4/24/2024 10:27:14 AM EDT
[#39]
Crush the middle class. Absolutely finish them.
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Posted: 4/24/2024 10:27:17 AM EDT
[#40]
Quote HistoryOriginally Posted By Rat_Patrol: But is congress insider trading exempted? This. Pelosi will make sure there is congressional exemption... |
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Posted: 4/24/2024 10:28:59 AM EDT
[#41]
Quote HistoryOriginally Posted By kc-coyote: https://www.ar15.com/forums/general/Coming-attractions-for-taxes-if-potato-somehow-wins-again-/5-2721201/ Thanks, missed that. Wrong search terms  |
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Posted: 4/24/2024 10:29:27 AM EDT
[#42]
Quote HistoryOriginally Posted By Underscore_O_Three: Crush the middle class. Absolutely finish them. The middle class are not at all in scope of this proposal. Did you actually read anything? |
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MP, USA
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Posted: 4/24/2024 10:30:00 AM EDT
[#43]
Quote HistoryOriginally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. Disagree slightly. Ultra-rich take low interest loans on their assets and very, very rarely take capital gains losses. If they do, they offset them to a net zero on taxes. |
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Posted: 4/24/2024 10:31:16 AM EDT
[#44]
Everyone needs to stop bitching and pay their fair share!
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Posted: 4/24/2024 10:33:16 AM EDT
[#45]
Quote HistoryOriginally Posted By SoonerBorn: Think about this...there are people that think he is the best President of all time. Yep, it's obvious the word went out from the mothership recently - a lot of 'celebrities' are out parroting the same 'sharp as a tack' line. These people get away with it as no one calls them on it. They don't have to defend it so spout it in a cowardly manner to keep themselves virtuous. |
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TX, USA
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Posted: 4/24/2024 10:33:41 AM EDT
[#46]
Quote HistoryOriginally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. About 10 years ago I sold my company. For 13 years I reinvested all profits to grow it while taking a modest salary. Thanks to Obama raising LTCG to 20% plus the 3% Medicare tax, when I sold my company, I was taxed at over 23% on something I worked over a decade to build. I was taxed as if I made over a million every year, even though I will never make that amount annually again. Fuck this plan. |
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Posted: 4/24/2024 10:35:12 AM EDT
[#47]
Originally Posted By LibertyShip: Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 Twice as high as China's rate....is this a move to funnell Big Money into China? https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922/ What, the, fuck. |
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Posted: 4/24/2024 10:35:15 AM EDT
[#48]
Quote HistoryOriginally Posted By Firearmsenthusiast: Holy shit, that would be catastrophic. Also a sure fire way to re-elect Trump, even people that hate him would want this revoked. If they exempt your primary residence and ag ground then no one will care since it only affects rich people. |
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Posted: 4/24/2024 10:35:18 AM EDT
[#49]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Not until they get special protections for them and their benefactors. Remember the game stop fiasco and how normal people got fucked because they played the game like the big boys and won? |
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MP, USA
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Posted: 4/24/2024 10:35:35 AM EDT
[#50]
Originally Posted By FALARAK: The middle class are not at all in scope of this proposal. Did you actually read anything? Inheritance tax destroys the upward mobility of the MIDDLE class. In case you haven't been watching - with currency devaluation a million dollars isn't rich anymore. The middle class very much encompasses multimillionaires. |
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