Posted on 04/22/2021 10:52:21 AM PDT by Hojczyk
Stocks erased earlier gains to trade sharply lower after Bloomberg report Thursday afternoon that President Joe Biden would propose increasing the corporate tax rate on wealthy individuals.
The Dow dropped 250 points, or 0.7%, following the report, after trading just slightly lower earlier. The S&P 500 and Nasdaq erased gains to trade at session lows.
Biden's plan would involve increasing the capital gains tax rate on the wealthy to 39.6%, according to the report from Bloomberg citing people familiar with the matter. This would apply to those earning at least $1 million. The current base capital gains tax rate is 20%.
(Excerpt) Read more at finance.yahoo.com ...
I did not vote for that clown!
Let’s see...hmmm...the GOPee gives tax cuts and the corporate types end up enthusiastically supporting the Dimocrats. Maybe the Bogus POTUS has the better strategy of the two when it comes to the wealthy? Clearly big biz responds to fear better than to fair.
Regard that “Income β₯ $1Million” as a starting figure! Just 6 months ago Joe was promising no tax increases to those making less than $400k in income. Now word is that this starting figure will more properly be between $2-300k in their planning. Oops?! NO PLANNED!!!
REMEMBER, you do not get capital gains treatment on tax-deferred accounts (401k / T-IRA etc.), you get it by RISKING your post-tax dollars as an investment. If you have net losses in a given year, you can only take $3k as a reduction of income and carry the rest. I have tax clients with losses dating back to 2000 and 2008 that refuse to invest in spite of all my cajoling. When the last spouse dies, it becomes a ‘gift’ to the Government!
Apt description, FRiend.
You forgot book sales, like Pence and the notorious ACB on the Supremes.
thx, it’s all planned, and the window is closing
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