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NC, USA
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Posted: 4/24/2024 3:14:22 PM EDT
[#1]
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. . "Ultra" and "often" are weasel words. The "wealthy" earned their money somehow and were taxed on it, at the highest politically possible rates already. After investing it, you now want them taxed again at confiscatory rates. Sorry, participating in an eat the rich class war (while you deny that you are doing exactly that), is EXACTLY what the Dem/commies want. All it will do is make tax accounts mountains of money as the rich (who can afford to hide assets) will use every loophole to hide assets. This is why tax hikes NEVER produce the commies' intended revenue. They know it won't, they've done this dozens of times in the past, but it does further their class warfare goals by generating envy and hate by the ignorant masses. |
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Posted: 4/24/2024 3:16:10 PM EDT
[#2]
Yes, inflation and capital gains tax are communist. Both take from you and give to the goverment. The only "capitalist" part is that the corrupt paid for goverment gives some of the money to it's owners - a return on investment so to speak.
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Posted: 4/24/2024 3:16:24 PM EDT
[#3]
Quote HistoryOriginally Posted By Dixie2009: They will take everything from us one way or another. I can’t believe this is happening. Total clown world. They also want to tax unrealized gains. So basically slow rolling federal confiscation of brokerage accounts. Force people to sell shares to pay taxes on the unrealized gains, now they have realized gains, so tax those too |
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NC, USA
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Posted: 4/24/2024 3:17:18 PM EDT
[#4]
Quote HistoryOriginally Posted By Kuraki: I don't think any income (production) should be taxed. I think consumption should be taxed. We can debate whether that's a flat rate, graduated/progressive/luxury rates, whether there should or shouldn't be exemptions, etc but that would put a lot of people out of work and reduce the size of the federal government so we won't even consider that. Nope. Look at most of Europe. The VAT/consumption tax was supposed to offset some income taxes. In just a few years the income taxes were back up and the VAT about doubled and is now 20+%. Never trust a politician's promise to lower taxes via new taxes. |
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CO, USA
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Posted: 4/24/2024 3:20:17 PM EDT
[#5]
Fucking thieves are in charge now.
Fuck Obama and his puppet Biden. |
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NC, USA
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Posted: 4/24/2024 3:20:24 PM EDT
[#6]
Quote HistoryOriginally Posted By BillofRights: Nice rebuttal, but 1. “Capital Gains” is tax on money already Taxed many times over. It’s a Tax on Inflation. 2. “A million dollars income” is a lot Today. In 20 years, it will be the equivalent of ~$300,000. In 30 years ~$100,000 (best case scenario). 3. Never argue for higher taxes. They have a Spending problem. Not a Taxing problem. $1M today was worth about $1.2M just three years ago. Watch a 1930's movie and a millionaire then would need almost $100M to be at the same level. |
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USA
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Posted: 4/24/2024 3:21:17 PM EDT
[Last Edit: Carpe_Carp]
[#7]
He can call for it all he wants. That would never pass the House. This proposal is for what he intends for 2025 . . . and there's just about zero doubt the House will be Democrat after the next election. You can't be as dysfunctional as the current Republican House members are and hold onto the legislative body. Hell . . . lots of them are just leaving because they're sick of it. If Republicans don't eff it up, and they almost always do but I have hope, they MAY control the Senate and be able to stop nonsense like this. But here's the deal . . . Biden pushed for the exact same thing in 2020. His real goal is not the capital gains increase per se, but to eliminate the "stepped up basis" on assets that occur upon death. It works like this Say you inherit a 100 acre farm your dad paid $500 an acre for back in the 1970s. Right now, if he passed on today, the farm would be reassessed for tax purposes at current market rates (say, $5000 an acre). If you were to sell (and lets say you were offered $6000 an acre) only that $1000 increase above asessment would be liable for capital gains tax. Biden wants to change that. Take the same scenario . . . but move it up a year and assume Biden gets what he wants. You're offered $6,000 an acre to sell . . . but without "stepped up basis" your capital gains will be based on the original purchase price of $500 an acre . . . and you'll incur capital gains tax on $5500 per acre Worse, Biden wants to make the full amount due upon a death, no matter if there's a sale or not, and it will apply to the sale of a business as well. In many cases (I'll focus on land here) a person would have to sell the property at firesale prices just to pay the tax. And . . . guess who will be buying it up? Oh . . . people like Bill Gates (America's largest agricultural landowner I believe) or any of many multi-national real estate investment firms It would be a tax windfall for the government, the likes of which have never been imagined. This only failed in 2020 because Manchin and a couple of red state Democrats voted against it. I wouldn't bet on them to do the same again |
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SK, CAN
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Posted: 4/24/2024 3:25:11 PM EDT
[#8]
I wish all tax payers would refuse to file returns and/or submit any payment not taken from their paycheck. Next year. If every middle class and working class stood their ground, there’s nothing they can do. But we won’t. We will bend over and ask “how much more do you want”?
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Posted: 4/24/2024 3:31:03 PM EDT
[#9]
Quote HistoryOriginally Posted By jwnc: Nope. Look at most of Europe. The VAT/consumption tax was supposed to offset some income taxes. In just a few years the income taxes were back up and the VAT about doubled and is now 20+%. Never trust a politician's promise to lower taxes via new taxes. That concept is predicated on the idea that the staus quo would somehow be maintained. I think we can both agree politicians see people as chattel regardless of the schemes they put in place. This just takes all the accounting and estimating out of the picture. No questions about tax liability. No need for hundreds of thousands of private and government accountants to administer. A soothing balm to everyone mad at the rich as they'd know each mega yacht or island resort had x% tax on top. Oh and think of the consternation it would cause greedy government fingers itching to confiscate lottery winnings. |
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Posted: 4/24/2024 3:38:24 PM EDT
[#10]
Quote HistoryOriginally Posted By BillofRights: Nice rebuttal, but 1. “Capital Gains” is tax on money already Taxed many times over. It’s a Tax on Inflation. 2. “A million dollars income” is a lot Today. In 20 years, it will be the equivalent of ~$300,000. In 30 years ~$100,000 (best case scenario). 3. Never argue for higher taxes. They have a Spending problem. Not a Taxing problem. Quote HistoryOriginally Posted By BillofRights: Originally 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. Nice rebuttal, but 1. “Capital Gains” is tax on money already Taxed many times over. It’s a Tax on Inflation. 2. “A million dollars income” is a lot Today. In 20 years, it will be the equivalent of ~$300,000. In 30 years ~$100,000 (best case scenario). 3. Never argue for higher taxes. They have a Spending problem. Not a Taxing problem. He’s also being an idiot. Lower capital gains taxes incentive long term investing and holding assets for durations that reduce speculation. Have fun with a world when there is no incentive to maximize returns on longer time horizons. |
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Posted: 4/24/2024 3:40:02 PM EDT
[#11]
Dow to 15,000 coming right up….
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Posted: 4/24/2024 3:40:56 PM EDT
[#12]
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 DESTROYING the economy. FTFY. |
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Posted: 4/24/2024 4:04:58 PM EDT
[#13]
Anyone asked any Dems about this just to see their responses and how they feel?
I feel like a lot of them would be OK and go into the whole pay their fare share bit, not understanding that its not a great idea to cut off a limb you're standing on 150 feet up there. Or drill a hole in your boat, at sea... EX A. Demand for $15-20.00 an hour Min wage, to do a minimum skill job, with minimum effort and minimum work ethic...  |
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USA
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Posted: 4/24/2024 4:05:27 PM EDT
[Last Edit: Carpe_Carp]
[#14]
He’s also being an idiot. Lower capital gains taxes incentive long term investing and holding assets for durations that reduce speculation. Have fun with a world when there is no incentive to maximize returns on longer time horizons. 100% correct ... and that's exactly what the government wants. It seems that, to FJB nd his ilk, all investment and income and assets should be government investment and income and assets. Individuals do not deserve to thrive and prosper. Only government deserves to thrive and prosper. They want to spend what they want, when they want, on anything that perpetuates their hold on power. The old line "you'll have nothing and be happy" describes the goal of America's present, leftist, government very well. It's the philosophy of " we're protecting you for your own good, so just submit and work like a dog and we'll give you JUST enough to almost be only slightly hungry, sick, and uncomfortable." In other words . .. like China |
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FL, USA
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Posted: 4/24/2024 4:14:34 PM EDT
[#15]
Roll your money into durable goods before its too late!
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CO, USA
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Posted: 4/24/2024 4:15:52 PM EDT
[#16]
Quote HistoryOriginally Posted By FALARAK: No, the majority of the money in question or scope of this legislation is growth from other capital gains, passed down from generation to generation, without ever being taxed due to step up in cost basis. The government biggest obstacle, is how do you go after THAT specific money, without impacting those where this was not the case? You are wrong. |
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FL, USA
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Posted: 4/24/2024 4:18:12 PM EDT
[#17]
Quote HistoryOriginally Posted By FALARAK: The middle class are not at all in scope of this proposal. Did you actually read anything? Quote HistoryOriginally Posted By FALARAK: Originally 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? It would absolutely affect some middle class directly. It would absolutely affect almost all middle class indirectly as investing in the US dries up and businesses shrink instead of expand. |
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SC, USA
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Posted: 4/24/2024 4:19:11 PM EDT
[#18]
10% for the big guy!
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CO, USA
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Posted: 4/24/2024 4:19:16 PM EDT
[#19]
Quote HistoryOriginally Posted By FALARAK: How about this discussion: Why shouldn't realized income from capital gains be taxed just like all other income? Why are capital gains tax rates kept lower? Who benefits the most from that? I D G A F It's all socialism. I hate socialism. YMMV, evidently. The only fair taxes are use taxes: taxing the people who use the service. Anything other than that is socialistic. |
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Posted: 4/24/2024 4:24:58 PM EDT
[#20]
Quote HistoryOriginally Posted By highstepper: Y'all get ready. Election's fixed: illegals with voter cards. Pay off yer debt and buckle up. The future doesn't look good considering that. I'm prepared as I can be. |
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FL, USA
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Posted: 4/24/2024 4:29:43 PM EDT
[#21]
Quote HistoryOriginally Posted By FALARAK: How about this discussion: Why shouldn't realized income from capital gains be taxed just like all other income? Why are capital gains tax rates kept lower? Who benefits the most from that? Because it's risked based income or losses. Where's the incentive to take the risks with your capital if it's just going to be taxed at confiscatory rates if you succeed. It's a lose-lose proposition. Who would want to invest in businesses under those rules? I'm 100% middle class and I benefit from lower capital gains taxes almost every year.  |
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Posted: 4/24/2024 4:47:57 PM EDT
[#22]
Quote HistoryOriginally Posted By Notcalifornialegal: Yes. Serious border reform isn't going to happen with a Democrat president unless there is a veto proof majority. Couple that with a Democrat majority in the senate and a RAZOR thin margin in the House and its simply impossible. FIFY & took out the obviously working msm propaganda programming. |
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Posted: 4/24/2024 5:00:26 PM EDT
[#23]
Quote HistoryOriginally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. Yeah, biden's already putting hurt on R&D with inflation and a higher cost of capital. Venture capital funding is already way down; they were already pulling back. Higher cap gains will just exacerbate the problem and further stifle innovation in the US. |
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SK, CAN
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Posted: 4/24/2024 5:26:42 PM EDT
[Last Edit: Dixie2009]
[#24]
Quote HistoryOriginally Posted By Carpe_Carp: This proposal is for what he intends for 2025 . . . and there's just about zero doubt the House will be Democrat after the next election. You can't be as dysfunctional as the current Republican House members are and hold onto the legislative body. Hell . . . lots of them are just leaving because they're sick of it. If Republicans don't eff it up, and they almost always do but I have hope, they MAY control the Senate and be able to stop nonsense like this. But here's the deal . . . Biden pushed for the exact same thing in 2020. His real goal is not the capital gains increase per se, but to eliminate the "stepped up basis" on assets that occur upon death. It works like this Say you inherit a 100 acre farm your dad paid $500 an acre for back in the 1970s. Right now, if he passed on today, the farm would be reassessed for tax purposes at current market rates (say, $5000 an acre). If you were to sell (and lets say you were offered $6000 an acre) only that $1000 increase above asessment would be liable for capital gains tax. Biden wants to change that. Take the same scenario . . . but move it up a year and assume Biden gets what he wants. You're offered $6,000 an acre to sell . . . but without "stepped up basis" your capital gains will be based on the original purchase price of $500 an acre . . . and you'll incur capital gains tax on $5500 per acre Worse, Biden wants to make the full amount due upon a death, no matter if there's a sale or not, and it will apply to the sale of a business as well. In many cases (I'll focus on land here) a person would have to sell the property at firesale prices just to pay the tax. And . . . guess who will be buying it up? Oh . . . people like Bill Gates (America's largest agricultural landowner I believe) or any of many multi-national real estate investment firms It would be a tax windfall for the government, the likes of which have never been imagined. This only failed in 2020 because Manchin and a couple of red state Democrats voted against it. I wouldn't bet on them to do the same again Quote HistoryOriginally Posted By Carpe_Carp: He can call for it all he wants. That would never pass the House. This proposal is for what he intends for 2025 . . . and there's just about zero doubt the House will be Democrat after the next election. You can't be as dysfunctional as the current Republican House members are and hold onto the legislative body. Hell . . . lots of them are just leaving because they're sick of it. If Republicans don't eff it up, and they almost always do but I have hope, they MAY control the Senate and be able to stop nonsense like this. But here's the deal . . . Biden pushed for the exact same thing in 2020. His real goal is not the capital gains increase per se, but to eliminate the "stepped up basis" on assets that occur upon death. It works like this Say you inherit a 100 acre farm your dad paid $500 an acre for back in the 1970s. Right now, if he passed on today, the farm would be reassessed for tax purposes at current market rates (say, $5000 an acre). If you were to sell (and lets say you were offered $6000 an acre) only that $1000 increase above asessment would be liable for capital gains tax. Biden wants to change that. Take the same scenario . . . but move it up a year and assume Biden gets what he wants. You're offered $6,000 an acre to sell . . . but without "stepped up basis" your capital gains will be based on the original purchase price of $500 an acre . . . and you'll incur capital gains tax on $5500 per acre Worse, Biden wants to make the full amount due upon a death, no matter if there's a sale or not, and it will apply to the sale of a business as well. In many cases (I'll focus on land here) a person would have to sell the property at firesale prices just to pay the tax. And . . . guess who will be buying it up? Oh . . . people like Bill Gates (America's largest agricultural landowner I believe) or any of many multi-national real estate investment firms It would be a tax windfall for the government, the likes of which have never been imagined. This only failed in 2020 because Manchin and a couple of red state Democrats voted against it. I wouldn't bet on them to do the same again F him and the horse he rode in on. Edited, not the horse. Just him. |
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Posted: 4/24/2024 5:27:43 PM EDT
[#25]
And people will still vote for this retard.
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FL, USA
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Posted: 4/24/2024 6:39:18 PM EDT
[#26]
Quote HistoryOriginally Posted By shaggy: Yeah, biden's already putting hurt on R&D with inflation and a higher cost of capital. Venture capital funding is already way down; they were already pulling back. Higher cap gains will just exacerbate the problem and further stifle innovation in the US. Quote HistoryOriginally Posted By shaggy: Originally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. Yeah, biden's already putting hurt on R&D with inflation and a higher cost of capital. Venture capital funding is already way down; they were already pulling back. Higher cap gains will just exacerbate the problem and further stifle innovation in the US. ^This It's sad how many people (even right here on this site) don't understand the downstream affects of crippling capital investment in this country. |
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IL, USA
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Posted: 4/24/2024 6:57:10 PM EDT
[#27]
Quote HistoryOriginally Posted By FALARAK: Good point. What about assets that exceed inflation? Certainly if we concede that income should be taxed then to the extent that income is actually earned by selling for a higher value than it was purchased a tax would be fair. I am absolutely convinced that the .gov absolutely lies about the true rate of inflation (for any number of reasons in addition to CG taxes, but that's in the mix). I suppose something nearer fairness could be achieved if you took the CPI and added the increase over the holding period to the tax basis of the property. That ignores some of the other problems with CG taxes, but it at least it would be a step in the right direction. A better step might be the .gov not intentionally devaluing our currency as a craven ploy for votes, but.....well.....LOL. |
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FL, USA
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Posted: 4/24/2024 7:00:37 PM EDT
[#28]
Quote HistoryOriginally Posted By stevelish: Zero. That money was previously taxed as income. Its amazing how conditioned and stupid, even the people who think they are awake are. It would be more efficient to agree that from birth until age 40, you are property of the government, and then after that you can keep what you earn upon your 41st birthday. The discussion is now whether we should move, that up to 45 or 60. |
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Posted: 4/24/2024 7:06:38 PM EDT
[Last Edit: FALARAK]
[#29]
Quote HistoryOriginally Posted By rbutcher: He’s also being an idiot. Lower capital gains taxes incentive long term investing and holding assets for durations that reduce speculation. Have fun with a world when there is no incentive to maximize returns on longer time horizons. Quote HistoryOriginally Posted By rbutcher: Originally Posted By BillofRights: Originally 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. Nice rebuttal, but 1. “Capital Gains” is tax on money already Taxed many times over. It’s a Tax on Inflation. 2. “A million dollars income” is a lot Today. In 20 years, it will be the equivalent of ~$300,000. In 30 years ~$100,000 (best case scenario). 3. Never argue for higher taxes. They have a Spending problem. Not a Taxing problem. He’s also being an idiot. Lower capital gains taxes incentive long term investing and holding assets for durations that reduce speculation. Have fun with a world when there is no incentive to maximize returns on longer time horizons. Personal attacks are the result of a weak mind trying to express strong emotion. 
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CO, USA
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Posted: 4/24/2024 7:14:18 PM EDT
[Last Edit: stevelish]
[#30]
Quote HistoryOriginally Posted By makintrax73: Certainly if we concede that income should be taxed then to the extent that income is actually earned by selling for a higher value than it was purchased a tax would be fair. I am absolutely convinced that the .gov absolutely lies about the true rate of inflation (for any number of reasons in addition to CG taxes, but that's in the mix). I suppose something nearer fairness could be achieved if you took the CPI and added the increase over the holding period to the tax basis of the property. That ignores some of the other problems with CG taxes, but it at least it would be a step in the right direction. A better step might be the .gov not intentionally devaluing our currency as a craven ploy for votes, but.....well.....LOL. Only a slave would concede that. Repeal the income tax first. It was supposed to be temporary.... |
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AL, USA
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Posted: 4/24/2024 7:14:39 PM EDT
[#31]
Sure after a full blown investigation into his finances.
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FL, USA
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Posted: 4/24/2024 7:25:36 PM EDT
[#32]
Quote HistoryOriginally Posted By na1lb0hm: Has anyone mentioned yet that America’s hat just raised cap gains tax to 66% on anything over 250k? The playbook these two have in alarming and outstanding. We already have a healthcare problem. Doctors are talking about fleeing the country at an unprecedented rate now. You misunderstand the tax policy change. Currently, in Canada, 50% of qualified capital gains are included in income. So capital gains are taxed at half of your ordinary income tax rate. Now it will be 67% of the ordinary income tax rate. That doesn’t mean it is taxed at 67%. It’s a significant distinction. |
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USA
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Posted: 4/24/2024 7:30:54 PM EDT
[#33]
Ya let's not get our spending under control. Just tax those that make more money.
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Posted: 4/24/2024 7:47:39 PM EDT
[#34]
Quote HistoryOriginally Posted By osprey21: Just die already old man. Lol. "HE" may die, but the train will march on. The people that really "get" what America is all about better wake up NOW. |
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Posted: 4/24/2024 7:49:47 PM EDT
[#35]
Quote HistoryOriginally Posted By macro: When I was a little kid I was taught that we were to always show respect for the president, no matter what, at it was earned by serving in that office. As it turns out, I'm not a little kid any longer. Used to be you could at least count on "the president" to have some inkling of what our nation and what it means to be "American" means. |
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Posted: 4/24/2024 7:52:02 PM EDT
[#36]
Quote HistoryOriginally Posted By EastWest: Same here. In my 69 years never thought I'd see America turned into a totalitarian state. It won't be long before we'll resemble the Soviet Union. Basically, everyone will be poor except for the middle and upper management of the Democrat Party.  Exactly. They have "won". They figured out how to keep "us" comfortable enough and plied with enough bread and circus to the point where there aren't enough of "us" left to really matter. |
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Posted: 4/24/2024 7:53:55 PM EDT
[#37]
Quote HistoryOriginally Posted By MIR: All on purpose...this man, his administration, his handlers ....are destroying=g this nation all by design........your just plain stupid if you don't see the writing on the wall.... Oh we see it. In fact, the founding creators built in to our very "soul" a way to stop/prevent it. Too bad we can't seem to nut up and use it, or even discuss it in places like this. 
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Posted: 4/24/2024 8:10:11 PM EDT
[#38]
Ukraine can't be funded from air.
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Posted: 4/24/2024 8:22:07 PM EDT
[#39]
Biden calls for free diapers for all democrats!
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Posted: 4/24/2024 8:27:32 PM EDT
[#40]
A higher capital gains rate than the income tax rate, lmao. Stock market will crash, investors will flood shitty cash cow businesses where cutting costs to increase dividends is the only goal. CEO salaries will fucking skyrocket. Innovation will go to zero.
Can’t wait. |
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Posted: 4/24/2024 8:30:43 PM EDT
[#41]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Politicians should be held accountable for stuff they "call for" even if it's pandering hot air because they think it'll never pass. They need to be punished for making stupid statements |
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USA
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Posted: 4/24/2024 8:38:25 PM EDT
[#42]
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/ No way that will pass. …. Don’t care what outrage Chuckles Shumer invents to try to justify it. |
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Posted: 4/24/2024 8:45:19 PM EDT
[Last Edit: Scoobysmak]
[#43]
Quote HistoryOriginally Posted By torstin: It would pass. Capital gains are only for the obscenely wealthy. And they must pay their fair share. No normal person even has to worry about that tax. Object and you have outed yourself as a selfish racist. Taxation is theft...... 
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Posted: 4/24/2024 8:58:47 PM EDT
[#44]
Quote HistoryOriginally Posted By FALARAK: You are confusing income, with net worth. The removal of a step up in cost basis is only for very large estates. We can debate where that threshold should be.... but for now, this does not impact estates for 95% of the middle class. If the threshold for estate exemption is set too low, then yes..... that's a huge problem. That person that got so fed up one year they sold the house in LA and moved to a free state.....might disagree. At the rate we are going in a few years 1 million will be the todays 100k take home pay. How many times have they changed the tax scales on SS income...... "In 1984, when the taxation of benefits was implemented, persons and couples filing jointly whose modified adjusted gross income (MAGI) plus one-half of benefits exceeded $25,000 and $32,000, respectively, were subject to the tax. In this instance, the tax meant that up to half of their Social Security benefits could face federal ordinary income tax rates. Then, in 1993, a second tier of taxation was introduced under the Clinton administration. Using the same formula as above -- i.e., MAGI plus one-half of benefits -- single filers and couples filing jointly with more than $34,000 and $44,000, respectively, will be subjected to this second tier. This new tier allows up to 85% of Social Security benefits to be taxed at the federal ordinary income tax rate. Now, here's the catch: These income thresholds have never been adjusted for inflation. The fact that these thresholds haven't budged for 35-plus and 25-plus years, respectively, is a big reason why more and more seniors are being subjected to this tax, and why you currently are, or may be in the future, paying back some of your benefits to the Social Security Administration." |
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Posted: 4/24/2024 9:14:03 PM EDT
[#45]
Quote HistoryOriginally Posted By BillofRights: They realized that holding Ukraine hostage, was a losing gambit, when Democrats care very little about Ukraine, and care Very Much about bringing in More illegal voters. And they realized that their constituents aren’t completely retarded: Border Reform had absolutely Nothing to do with a Russian invasion of Europe. Quote HistoryOriginally Posted By BillofRights: Originally Posted By laxman09: Originally 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. They realized that holding Ukraine hostage, was a losing gambit, when Democrats care very little about Ukraine, and care Very Much about bringing in More illegal voters. And they realized that their constituents aren’t completely retarded: Border Reform had absolutely Nothing to do with a Russian invasion of Europe. I am looking for any boarder control in this..... "The bills provide $60.84 billion to address the conflict in Ukraine, including $23 billion to replenish U.S. weapons, stocks and facilities; $26 billion for Israel, including $9.1 billion for humanitarian needs, and $8.12 billion for the Indo-Pacific, including Taiwan." So when we don't have the money to put towards the boarder......"oh well" is the answer? When they find all the money previously send to Ukraine that got "lost" and show where my money is going I might be more inclined to care but at this moment my field of fucks are on life support. |
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MI, USA
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Posted: 4/24/2024 9:16:01 PM 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. This post smells of truthiness. Thank you. |
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Posted: 4/24/2024 9:43:23 PM EDT
[#47]
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. Raising capital gains is one thing. It’s entirely another thing to create a tax structure that very literally disincentivizes investment. Is that really what you want? |
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Posted: 4/24/2024 10:01:08 PM EDT
[#48]
Quote HistoryOriginally Posted By macro: When I was a little kid I was taught that we were to always show respect for the president, no matter what, at it was earned by serving in that office. As it turns out, I'm not a little kid any longer. When I was a kid, it was expected that the President would have respect for US citizens, and work for their good and the good of the nation. |
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Posted: 4/24/2024 10:45:10 PM EDT
[Last Edit: Lou_Daks]
[#49]
Quote HistoryOriginally Posted By feudist: Very shortly investment money will be reduced sharply as boomers and gen-Xers start retiring in droves and moving out of stocks and into bonds as their risk tolerance changes. 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. Doubtful. Bonds are not going to pay a rate that keeps up with inflation and cost of living increases. I have been retired for more than a decade and I am still in stocks/mutual funds. I have to be. If I wasn't, my real net worth would have tanked. Newsflash - "Start retiring in droves"? lol. Boomers have mostly retired. They were born 1946-64. The YOUNGEST of us are 60, the oldest are almost 80. Not many 80 year olds working anymore. |
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Posted: 4/24/2024 11:32:29 PM EDT
[#50]
Quote HistoryOriginally Posted By Stlrain0341: Raising capital gains is one thing. It’s entirely another thing to create a tax structure that very literally disincentivizes investment. Is that really what you want? Quote HistoryOriginally Posted By Stlrain0341: Originally 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. Raising capital gains is one thing. It’s entirely another thing to create a tax structure that very literally disincentivizes investment. Is that really what you want? No, but I dont believe it will have that effect for a huge percentage of investors. The family farm and business sale scenario is very troubling, however, and should be placed out of scope. |
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