User Panel
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Posted: 4/24/2024 11:53:35 AM EDT
[#1]
Sounds like they anticipate a sell off and want to both make it exceedingly painful as well as skim as much cream as they can before the value disappears.
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FM, USA
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Posted: 4/24/2024 11:53:54 AM EDT
[#2]
Quote HistoryOriginally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. No shit. |
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Posted: 4/24/2024 11:55:34 AM EDT
[#3]
He said during his campaign he wanted to levy FICA taxes on income from investments
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Posted: 4/24/2024 11:56:13 AM EDT
[#4]
Quote HistoryOriginally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. Its a way to kill the United States. |
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Posted: 4/24/2024 11:56:44 AM EDT
[#5]
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 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. |
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WA, USA
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Posted: 4/24/2024 11:59:01 AM EDT
[#6]
When NY raised the taxes on the wealthy, they moved to Florida, where will the wealthy move if this passes?
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Posted: 4/24/2024 12:01:09 PM EDT
[#7]
Some in gd will cheer for this if it happens.
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Posted: 4/24/2024 12:03:43 PM EDT
[#8]
Quote HistoryOriginally Posted By Underscore_O_Three: 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. Quote HistoryOriginally Posted By Underscore_O_Three: 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. 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. How do they pay back the loans + interest? |
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Posted: 4/24/2024 12:03:54 PM EDT
[#9]
Need to increase dependency. This is one way to help them get there. Rope manufacturers are busy these days, seems like they are getting ready for some big ship-building boom or something.
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Posted: 4/24/2024 12:05:36 PM EDT
[#10]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Ha ha ha ha ! |
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Posted: 4/24/2024 12:07:31 PM EDT
[#11]
Quote HistoryOriginally Posted By SoonerBorn: Think about this...there are people that think he is the best President of all time. Of course. He is gunna take money from the greedy fat-cats and give it to the peasants. There are lots of peasants. |
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Posted: 4/24/2024 12:07:47 PM EDT
[Last Edit: buck19delta]
[#12]
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Posted: 4/24/2024 12:09:07 PM EDT
[#13]
Quote HistoryOriginally Posted By Drsalee: Ha ha ha ha ! Quote HistoryOriginally Posted By Drsalee: Originally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Ha ha ha ha ! Bet on it. Unless we see a change in the house structure and a complete fuck up on the Senate in one of the most heavily favored Republican elections in recent memory its empty campaigning. |
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USA
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Posted: 4/24/2024 12:09:57 PM EDT
[Last Edit: staringback05]
[#14]
So more taxes passed on to the middle class
The poors will eat it up without noticed the increased in everything at Walmart and dollar general No tax is ever truly done to the rich...only wealth transfer from the middle class |
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Posted: 4/24/2024 12:09:57 PM EDT
[#15]
Quote HistoryOriginally Posted By Wammel: Between the "never trumpers", "principled conservatives", and "voting dosen't matter" crews it stands a reasonable chance next year. Well just have to get enough folks out to offset them. 
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Posted: 4/24/2024 12:10:44 PM EDT
[#16]
Quote HistoryOriginally Posted By Drakich: Well that is definitely one way to cripple investment spending in the US. |
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OR, USA
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Posted: 4/24/2024 12:12:22 PM EDT
[#17]
Quote HistoryOriginally Posted By Gator: 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.  Attached File |
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Posted: 4/24/2024 12:12:53 PM EDT
[#18]
Quote HistoryOriginally Posted By Hill_monkey: Some in gd will cheer for this if it happens. |
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Posted: 4/24/2024 12:13:07 PM EDT
[#19]
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. Quote HistoryOriginally 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. |
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Posted: 4/24/2024 12:21:18 PM EDT
[#20]
Quote HistoryOriginally Posted By Notcalifornialegal: Bet on it. Unless we see a change in the house structure and a complete fuck up on the Senate in one of the most heavily favored Republican elections in recent memory its empty campaigning. You mean like the 2022 midterms? Its not going to pass now, but they'll play the usual continuing resolution game until well after the elections, and then they'll get most of it, even if they have to do CRs into the new year. |
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TX, USA
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Posted: 4/24/2024 12:22:53 PM EDT
[#21]
Quote HistoryOriginally Posted By TexanInOhio4: Is that so we can send more to other countries and give undeserving students a free ride? It’s so the politicians get their kickbacks. |
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TX, USA
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Posted: 4/24/2024 12:24:23 PM EDT
[#22]
Middle class wealth equals political power. They don’t want the plebes having any political will.
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VA, USA
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Posted: 4/24/2024 12:24:54 PM EDT
[#23]
Holy fucking shit.
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Posted: 4/24/2024 12:25:13 PM EDT
[#24]
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. 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. |
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Posted: 4/24/2024 12:27:12 PM EDT
[#25]
Quote HistoryOriginally Posted By shaggy: You mean like the 2022 midterms? Its not going to pass now, but they'll play the usual continuing resolution game until well after the elections, and then they'll get most of it, even if they have to do CRs into the new year. Quote HistoryOriginally Posted By shaggy: Originally Posted By Notcalifornialegal: Bet on it. Unless we see a change in the house structure and a complete fuck up on the Senate in one of the most heavily favored Republican elections in recent memory its empty campaigning. You mean like the 2022 midterms? Its not going to pass now, but they'll play the usual continuing resolution game until well after the elections, and then they'll get most of it, even if they have to do CRs into the new year. They're fighting a pretty serious uphill battle at the moment. Trump has a lot of momentum that has spilled over into traditionally Democratic demographics. Most of the states up for Senate elections are swing states that have been trending right in previous elections. Even if Trump doesn't take it this year the Senate is likely to flip and we'll have 2 more years of shit not getting done. |
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IL, USA
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Posted: 4/24/2024 12:31:44 PM EDT
[Last Edit: makintrax73]
[#26]
@FALARAK
We can certainly argue about whether all taxation is theft - clearly government functions require funding. What is very clear is that taxing long term gains is at least partly theft. If you sell an asset 20 years after you purchased it a very substantial percentage of the "gain" is simply inflation - IOW you paid in dollars worth more than you received when you sell, but the .gov taxes you not on the value received but on nominal dollars which their policies directly devalued. What a friggin' racket. |
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Posted: 4/24/2024 12:34:12 PM EDT
[#27]
It will never happen, that's why he's proposing it. Just like voting on repealing Obamacare 50 times.
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Posted: 4/24/2024 12:37:12 PM EDT
[#28]
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’m not one who believes in Eating The Rich” “But seriously, Eat the Rich…they are Delicious.  “
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Posted: 4/24/2024 12:40:04 PM EDT
[Last Edit: DubyaB]
[#29]
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. It's fine for someone to invest in a business and build it for over 30 years and sell for 1.5 mil in gains or maybe a family business with 6 members sells for 15 mil and give 44% to the govt to be pissed away. Its the American way heh, if fucking a small business man or family business helps me . Gtg |
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Posted: 4/24/2024 12:40:51 PM EDT
[#30]
Quote HistoryOriginally Posted By makintrax73: If you sell an asset 20 years after you purchased it a very substantial percentage of the "gain" is simply inflation - IOW you paid in dollars worth more than you received when you sell, but the .gov taxes you not on the value received but on nominal dollars which their policies directly devalued. What a friggin' racket. Good point. What about assets that exceed inflation? |
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KY, USA
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Posted: 4/24/2024 12:41:56 PM EDT
[#31]
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? Realized income from capital gains may or may not be actual income. Usually, it is a blend between the two, but in some cases you can have a real loss, and get taxed on that real loss, making your real loss even more. |
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Posted: 4/24/2024 12:42:40 PM EDT
[Last Edit: NavyDoc1]
[#32]
There seems to be a few with comprehension issues. It's not "those who make over a million dollars in gains every year" --how would that even work? You made a million in capital gains every year for the last ten years so we are retroactively tax those years at 44.6%? It's a 44.6% tax on gains in single year, on an asset held longer than a year, so if grandpa sells the family farm he bought for 300K 30 years ago for 1.3 million, he would have to pay 44.6% on that million dollar gain the year he sold it.
Long-term capital gains tax A long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The rates are 0%, 15% or 20%, depending on your taxable income and filing status. The IRS says most people pay no more than 15% on their long-term capital gains |
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Posted: 4/24/2024 12:53:01 PM EDT
[#33]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Sure it would. Congress critters would exempt themselves. |
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USA
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Posted: 4/24/2024 1:17:55 PM EDT
[#34]
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. The poors have no idea what it means. |
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Posted: 4/24/2024 1:40:10 PM EDT
[#35]
Quote HistoryOriginally Posted By klutz347: I call Xiden to go fuck himself. Yes...and on the installment plan, please. FJB |
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Posted: 4/24/2024 1:49:25 PM EDT
[#36]
Good! I am glad he is campaigning for the republican party.
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SK, CAN
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Posted: 4/24/2024 1:55:45 PM EDT
[#37]
They will take everything from us one way or another. I can’t believe this is happening.
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Posted: 4/24/2024 1:56:18 PM EDT
[#38]
Just die already old man.
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Posted: 4/24/2024 2:07:43 PM EDT
[#39]
Quote HistoryOriginally Posted By NavyDoc1: There seems to be a few with comprehension issues. It's not "those who make over a million dollars in gains every year" --how would that even work? You made a million in capital gains every year for the last ten years so we are retroactively tax those years at 44.6%? It's a 44.6% tax on gains in single year, on an asset held longer than a year, so if grandpa sells the family farm he bought for 300K 30 years ago for 1.3 million, he would have to pay 44.6% on that million dollar gain the year he sold it. They also want to increase normal income and cap 1031 exchanges to $500k. So even if Grandpa took the $1mil net gain and bought another property with it, he'd still pay the increased normal tax rate on $500k of that. |
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Posted: 4/24/2024 2:09:25 PM EDT
[#40]
Quote HistoryOriginally Posted By shaggy: They also want to increase normal income and cap 1031 exchanges to $500k. So even if Grandpa took the $1mil net gain and bought another property with it, he'd still pay the increased normal tax rate on $500k of that. Quote HistoryOriginally Posted By shaggy: Originally Posted By NavyDoc1: There seems to be a few with comprehension issues. It's not "those who make over a million dollars in gains every year" --how would that even work? You made a million in capital gains every year for the last ten years so we are retroactively tax those years at 44.6%? It's a 44.6% tax on gains in single year, on an asset held longer than a year, so if grandpa sells the family farm he bought for 300K 30 years ago for 1.3 million, he would have to pay 44.6% on that million dollar gain the year he sold it. They also want to increase normal income and cap 1031 exchanges to $500k. So even if Grandpa took the $1mil net gain and bought another property with it, he'd still pay the increased normal tax rate on $500k of that. Want to kill an economy? This is how you kill an economy. |
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Posted: 4/24/2024 2:14:35 PM EDT
[#41]
Fuck yea, tax the money you have already been taxed on again if you invest it and then tax you again if you spend it and then tax you again if it is property.
Fuck you slaves. Nobody will invest in the US market if they get to steal more money. Pedophile Joe Biden |
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Posted: 4/24/2024 2:15:09 PM EDT
[#42]
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. |
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USA
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Posted: 4/24/2024 2:29:18 PM EDT
[Last Edit: Caeser2001]
[#43]
Quote HistoryOriginally Posted By 8nbait: This "info" is all coming from a single web site. Has to be true. @8nbait https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf |
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Posted: 4/24/2024 2:39:46 PM EDT
[Last Edit: mousehunter]
[#44]
Ok, don't shoot the messenger. Capital Gains Tax is almost a line in the sand for me - but because it can be avoided by not realizing it, it is not the line in the sand for me.
A capital gains tax is fair...  Inflation is a tax - a tax that everyone pays. It is insidious , immoral - but fairly applied. You talk about the "fairness" of a flat tax or the "fairness" of a consumption tax - but inflation already does that. But the inflation tax has a loophole. If you have capital (money) you can invest it in assets that hedge against inflation. You are not making money with that hedge - when you sell it in 10 years you can not buy more with the proceeds than you could have 10 years ago. All the numbers have changed, but you still have the same real worth - the same ability to purchase. You have escaped paying the inflation tax for 10 years.The real problem is the "fair" inflation tax. Everyone wants someone else to pay the tax - and the political answer is not fair. He who cost the least votes pays the tax. --- The real question is who sets the tax policy. Should income, wealth, or life be taxed. I find taxes on wealth to be foul. Why should I be taxed for saving rather than deciding to live in debt and not save. We say saving is good, living responsibly is good - but then the bastards want to tax us for good behavior. But those who do not live responsibly hate those who do. Why should they have more stuff - just because I spend uncontrollably and have nothing to show for it afterwards. Inflation encourages investment in the economy (and debt). Capital gains tax discourages investment in the economy - it is economically BAD. But those who live irresponsibly really like the idea. |
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Posted: 4/24/2024 2:44:25 PM EDT
[#45]
Quote HistoryOriginally Posted By Dixie2009: They will take everything from us one way or another. I can’t believe this is happening. 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. 
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CAN
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Posted: 4/24/2024 2:46:48 PM EDT
[#46]
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. |
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USA
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Posted: 4/24/2024 2:48:27 PM EDT
[#47]
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....
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Posted: 4/24/2024 3:03:34 PM EDT
[#48]
Quote HistoryOriginally Posted By Caeser2001: @8nbait https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf Quote HistoryOriginally Posted By Caeser2001: Originally Posted By 8nbait: This "info" is all coming from a single web site. Has to be true. @8nbait https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf Just the table of contents of that document......
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NC, USA
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Posted: 4/24/2024 3:06:31 PM EDT
[#49]
Quote HistoryOriginally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. The House has a two vote majority and a weak speaker. Don't count your chickens... |
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MT, USA
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Posted: 4/24/2024 3:12:51 PM EDT
[#50]
He's not calling for anything. His communist puppet masters are behind this.
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