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 ...
I wouldn't even be surprised if Biden proposes a wheelbarrow tax for the money.
Given that I’m already forced to pay for:
Summer camp for kids who only attended school two days a week
Childcare for parents who made more staying home than working
Drug rehab for addicts who’ll eventually die from an overdose
Home insulation to combat ‘climate change’ for people who have no business owning a home if they can’t repair it
Mental health care for a third of the population of my State
Post-secondary education to State Colleges with billions in tax-free endowments
Free breakfast, lunch & dinner for everybody under age 19
$15000/yr for every grade school and high school student
I’d say 100% isn’t enough - they’ll need at least 125%.
That constitution thingy just leads to deplorable crazy talk.
Should this pass, the sell-off in the stock market should be spectacular.
Joe Biden is a Communist puppet.
When some of his competitors were arrested for skimming Federal funding, an older Sicilian guy I worked for came up to me and said with genuine indignation, "5% or 10%, dat I canna see! Butta 50%! Dat's a too much!"
Not a tenth as much as I loathe him.
I generally don’t say I hate anybody, bit I genuinely HATE that senile, girl-fondling satan.
Actually I think they do, the tax is not covered by the expost facto clause. I believe it has happened in the past, something like a surcharge that covered the whole year passed half way through the tax year.
In any event, they don’t find the money here they want, they will find it somewhere else. Does not bother the crooks in DC as there money is safely stored in some tax free area or in shoe boxes in their basements.
“He’s a communist, Jim.”
Bump
He is totally brain dead. He is not making a single call. It is all Obozo’s children doing it.
If the really want a war. They might just get it.
Besides, this run away train will hit the wall long before this year is over.
So what? Their votes are secure.
Certainly not. But the commies like ex post facto.
Clinton pulled it off, as I recall. Then W did a retroactive cut, just to tweet him.
retroactive, wouldn’t that be illegal?
Can’t say I feel sorry for them Wall Street backed Biden ALL THE WAY!! I hope they enjoy the SUCK!!
> 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.
I don't think so. These clymers, especially over the past year, have been spending with no regard whatsoever and they've still got their spending bomb of trillions in reparations coming just in time for the 2022 midterm election next year. They don't care at all how any of it is paid for.
However, being good leftists, they do care about punishing capitalists and high cap gains taxes do just that. What we've heard all these years from the likes of Bernie Sanders, Tom Harkin, and John Conyers that sounded like idle crazy talk about high taxes and going after obscene profits is now becoming reality.
“He is totally brain dead. He is not making a single call. “
Exactly. I laugh when I read “Biden does this” or “Biden thinks that” or “Biden wants to do this” or “Biden wants to do that.”
Uh, no. At this stage, aside from eating, sleeping or bowel movements, Biden doesn’t think, want or do a damned thing. He’s a mere puppet who reads from the teleprompter his Obama-mafia handlers put in front of him. In the rare moment when he goes off script, he mutters incoherent gibberish.
What happened to BuckFiden’s $400,000 promise? Is he figuring anyone with capital gains must earn more than $400,000?
Was that a very narrow technical decision?
Good - since most of the money and votes from these rich types went to the Democrats, they can learn to live with the results of it.
As I’ve said before, I’m sick of carrying their water - if they don’t like big taxes (which they don’t), they can try treating my president with some RESPECT.
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