PILOT SPIN
Spin Zone => Spin Zone => Topic started by: Lucifer on April 24, 2024, 04:59:16 PM
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https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922/
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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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.
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It's time to call our representatives. ::)
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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.
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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.
Imagine applying that to crypto.
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Does anyone wonder why the regime wants 87,000 new IRS agents?
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Imagine applying that to crypto.
Wow... imagine trying to keep track of it. Every time your stock goes up you owe 25%. How many times does a stock go up in a day, even a little bit? Even day to day? In a month your investment is gone into taxes.
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Ramsey doesn’t think this will pass.
https://www.ramseysolutions.com/taxes/unrealized-capital-gains-tax
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I certainly hope he's right. It won't pass because it's difficult to enforce. But I'm sure they'll find a way. Like out of state purchases don't have sales taxes because it's too difficult to figure. But all you need is a database and someone to fill it. Never stand between a politician and your money.
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I certainly hope he's right. It won't pass because it's difficult to enforce. But I'm sure they'll find a way. Like out of state purchases don't have sales taxes because it's too difficult to figure. But all you need is a database and someone to fill it. Never stand between a politician and your money.
Easy. They make the accusation, then it's up to you to prove them wrong. This is administrative law, guilty until proven innocent.
Why do you think they got the funding early on for the new 87,000 IRS agents? Because if they put everything in one bill, it's likely not to be approved. So it's being put into place bit by bit because Joe Citizen has a low attention span.
This is going to pass, and I'll tell you why......RINO's.
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I certainly hope he's right. It won't pass because it's difficult to enforce. But I'm sure they'll find a way. Like out of state purchases don't have sales taxes because it's too difficult to figure. But all you need is a database and someone to fill it. Never stand between a politician and your money.
This will put a HUGE burden on investment bankers. They’re the ones that have to calculate everything and provide you with 1099s (interest, dividends, realized capital gains, distributions). Now they’ll have to add unrealized capital gains to all their systems, calculating it for EVERY stock you own, not just the ones they sold for you.
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This will put a HUGE burden on investment bankers. They’re the ones that have to calculate everything and provide you with 1099s (interest, dividends, realized capital gains, distributions). Now they’ll have to add unrealized capital gains to all their systems, calculating it for EVERY stock you own, not just the ones they sold for you.
Do you think the regime cares?
There is trillions in unrealized money to the government. The regime despises the middle class and wants that money.
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Don't forget, the Trump tax cuts sunset soon.
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Do you think the regime cares?
There is trillions in unrealized money to the government. The regime despises the middle class and wants that money.
Of course they don’t care, and the banks will pass the cost on to investors in the form of higher fees. But that will affect all of us, not just those worth over $100 million. It’s another hidden cost to the middle class. A punishment for investing and trying to save for retirement.
We have been warned for a long time that the feds are eyeing that motherlode of wealth in the form of 401(k)s and IRAs.
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Of course they don’t care, and the banks will pass the cost on to investors in the form of higher fees. But that will affect all of us, not just those worth over $100 million. It’s another hidden cost to the middle class. A punishment for investing and trying to save for retirement.
We have been warned for a long time that the feds are eyeing that motherlode of wealth in the form of 401(k)s and IRAs.
The guy that just won Gonzales’ seat in Congress (Democrat) was a former congressman and an architect of the unrealized tax scheme.
Great going republicans! You had a solid conservative voting member and you kicked him out and gave the seat to this guy.
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The guy that just won Gonzales’ seat in Congress (Democrat) was a former congressman and an architect of the unrealized tax scheme.
Great going republicans! You had a solid conservative voting member and you kicked him out and gave the seat to this guy.
Crap I hadn’t heard who won, but I expected it to be a Democrat. I’m sick of Republicans screwing us over like this.
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This is an economic nightmare
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This is an economic nightmare
It would be a nightmare if enacted, but it comes from a socialist wish-list that has yet (fortunately) to make much headway. The article posted by Lucifer helpfully linked to the Administration 2025 revenue proposal document:
https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf#page86 (https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf#page86)
I found the same 44.6% marginal rate note in the revenue proposals for 2024:
https://home.treasury.gov/system/files/131/General-Explanations-FY2024.pdf#page86 (https://home.treasury.gov/system/files/131/General-Explanations-FY2024.pdf#page86)
Both contain the 44.6% sentence at the bottom of page 80 on the 2025 revenue proposals and page 79 on the 2024 proposals.
Could not find it in the 2023 revenue proposal document. The following link appears to be a repository for such proposals going back to 1990:
https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals (https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals)
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stalking horse