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 ...
It may be too late for Congress to pass it - doesn’t look promising.
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.
Wouldn’t this hit some people who have died in the last few months?
He’s a communist, Jim.
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.
This is just the start. These dems are desperate to steal more money to pay for at least some of their new spending.
Retroactive laws & taxations don’t pass the Constitutionality test.
Yep, we gotta 'upgrade infrastructural' things like "free preschool"... and gobs of mney for the corrupt WOKE academia jerks..
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.
You know, that money you made, 15 years ago....we didn’t tax it enough thenm, so now.....
Biden himself is planning on a diaper change and a new flavor of Pudding Pop for dessert.
God, I loathe that man.
Something, something, ex-post facto laws.
These guys are fun, aren’t they?
Clinton pulled this off in his first year, and the courts said it was okay.
That is exactly right.
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.
Just remember to pay your FAIR SHARE - 100%.
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.
Worthless bast@&$s
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