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Biden Calls for 44.6% Capital Gains Tax Rate

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Lucifer:
https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922/


--- Quote ---And don’t forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states

President Biden has formally proposed the highest top capital gains tax in over 100 years.

Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.

Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.

Worse, capital gains are not indexed to inflation. So Americans already get stuck paying tax on some “gains” that are not real. It is a tax on inflation, something created by Washington and then taxed by Washington. Biden’s high inflation makes this especially painful.

Many hard working couples who started a small business at age 25 who now wish to sell the business at age 65 will face the Biden proposed 44.6% top rate, plus state capital gains taxes. And much of that “gain” isn’t real due to inflation. But they’ll owe tax on it.

Capital gains taxes are often a form of double taxation. When capital gains come from stocks, stock mutual funds, or stock ETFs, the capital gains tax is a cascaded second layer of tax on top of the current federal corporate income tax of 21%. (Biden has also proposed a corporate income tax hike to 28%).
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Number7:
The communist party (some stupidly call them democrats) have one thing in mind, the destruction of the working class and the end of financial freedom of any kind.

Fuck the fucking scum bag democrats.

Anthony:
It's time to call our representatives.   ::)

Username:
And a 25% tax on unrealized capital gains.  Invest $100k.  It goes to $200k, you owe $25k in taxes.  It goes back down to $100k and you sell. Surprise!  You still owe $25k.  You can't claim a loss because you didn't lose any money in the investment.

Rush:

--- Quote from: Username on April 25, 2024, 05:28:42 AM ---And a 25% tax on unrealized capital gains.  Invest $100k.  It goes to $200k, you owe $25k in taxes.  It goes back down to $100k and you sell. Surprise!  You still owe $25k.  You can't claim a loss because you didn't lose any money in the investment.

--- End quote ---

Imagine applying that to crypto.

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