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Biden plans retroactive hike in capital-gains taxes, so it may be already too late for investors to avoid it: report
Market Watch ^ | 05/28/2021 | Victor Reklaitis

Posted on 05/28/2021 8:16:10 PM PDT by SeekAndFind

President Joe Biden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Biden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Biden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Biden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Biden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: biden; bidenomics; capitalgains; expostfacto; expostfactolaw; searchandfind; taxes; taxhikes; unconstitutional; xiden
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1 posted on 05/28/2021 8:16:10 PM PDT by SeekAndFind
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To: SeekAndFind

It may be too late for Congress to pass it - doesn’t look promising.


2 posted on 05/28/2021 8:17:42 PM PDT by proxy_user
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To: proxy_user

RE: It may be too late for Congress to pass it -

Why is it too late? It is Congress’ job to increase or decrease taxes. As far as I know, the Capital Gains taxes remain the same today.


3 posted on 05/28/2021 8:20:01 PM PDT by SeekAndFind
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To: SeekAndFind

Wouldn’t this hit some people who have died in the last few months?


4 posted on 05/28/2021 8:20:57 PM PDT by Az Joe (FREE CHAUVIN!)
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To: SeekAndFind

He’s a communist, Jim.


5 posted on 05/28/2021 8:22:13 PM PDT by BenLurkin (The above is not a statement of fact. It is either opinion, or satire. Or both.)
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To: proxy_user
This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.

I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.

6 posted on 05/28/2021 8:24:15 PM PDT by Governor Dinwiddie (Out of the clear blue of the western sky comes Sky King.)
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To: SeekAndFind

This is just the start. These dems are desperate to steal more money to pay for at least some of their new spending.


7 posted on 05/28/2021 8:25:10 PM PDT by plain talk
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To: SeekAndFind

Retroactive laws & taxations don’t pass the Constitutionality test.


8 posted on 05/28/2021 8:30:35 PM PDT by lightman (I am a binary Trinitarian. Deal with it!)
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To: SeekAndFind
Separately, a New York Times report said Biden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Yep, we gotta 'upgrade infrastructural' things like "free preschool"... and gobs of mney for the corrupt WOKE academia jerks..

9 posted on 05/28/2021 8:38:28 PM PDT by GOPJ (To paraphrase Lavrentiy Beria, “show me the woker and I’ll show you the racist”- freeper Impala64ssa)
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To: plain talk

This is just the start. These dems are desperate to steal more money to pay for at least some of their new spending.

Steal more money for more election stealing.


10 posted on 05/28/2021 8:40:10 PM PDT by taterjay
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To: SeekAndFind

You know, that money you made, 15 years ago....we didn’t tax it enough thenm, so now.....


11 posted on 05/28/2021 8:41:15 PM PDT by The Sentient Sheep
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To: SeekAndFind

Biden's puppeteers plan retroactive hike in capital-gains taxes, so it may be already too late for investors to avoid it

I'm all for accuracy.

Biden himself is planning on a diaper change and a new flavor of Pudding Pop for dessert.

12 posted on 05/28/2021 8:41:25 PM PDT by kiryandil (China Joe and Paycheck Hunter - the Chink in America's defenses)
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To: SeekAndFind

God, I loathe that man.


13 posted on 05/28/2021 8:45:12 PM PDT by lastchance
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To: SeekAndFind

Something, something, ex-post facto laws.

These guys are fun, aren’t they?


14 posted on 05/28/2021 8:46:11 PM PDT by Vermont Lt
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To: SeekAndFind

Clinton pulled this off in his first year, and the courts said it was okay.


15 posted on 05/28/2021 8:49:43 PM PDT by Dr. Sivana (Where do comic book heroes and villains get their doctorates?)
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To: taterjay

That is exactly right.


16 posted on 05/28/2021 8:52:12 PM PDT by plain talk
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To: lightman
Retroactive laws & taxations don’t pass the Constitutionality test.

I agree. But the Supreme court began to destroy limited government as early as 1798 with their Calder v Bull decision on this very subject.

17 posted on 05/28/2021 8:54:14 PM PDT by Dalberg-Acton
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To: SeekAndFind

Just remember to pay your FAIR SHARE - 100%.


18 posted on 05/28/2021 8:54:39 PM PDT by beethovenfan (Mene, Mene, Tekel, Upharsin)
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To: SeekAndFind

They want to bankrupt the country to make it easier for a full communist state. The FBI AND CIA are on the roll of the KGB and Stasi, while the MSM is the modern day Pravda. 2/6 Patriots remain political prisoners in solitary on trumped up charges with no bail. The courts are scared shit to to confront the commies as law enforcement is no longer effective.


19 posted on 05/28/2021 8:54:45 PM PDT by kenmcg (tHE WHOLE )
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To: proxy_user

Worthless bast@&$s


20 posted on 05/28/2021 9:03:37 PM PDT by ptsal (Vote R.E.D. >>>Remove Every Democrat ***)
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