Posted on 04/25/2024 10:44:48 AM PDT by backpacker_c
The proposal, released last month, notes that the administration wants to increase the top marginal rate on long-term capital gains dividends up to 44.6 percent, which would make the tax rate exceed 50 percent in states like California, New Jersey, New York and others.
Two separate proposals would need to pass in the final 2025 budget for the 44.6 percent figure to come to fruition.
'Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death – a forced realization event.'
(Excerpt) Read more at dailymail.co.uk ...
The aid to Ukraine is chicken scratch compared to the $1,000,000,000,000+ of taxpayer dollars the feral...err...I mean federal gubmint is spending, EVERY YEAR, on illegals.
I guess I will have to plan on dying before the law kicks in, which will at least help social security to remain solvent...so there’s that.
Hoping for a long, long filibuster.
the rich can still find plenty of cash
—
That money comes from trust funds which are not directly taxed.
“The Rich” for democrats are the people who are paid lots of money for the work they do.
Guaranteed recession/depression, if it passes.
There isn’t much of a chance it passes the House, is there?
Democrat strategy: Burn it all down and rule the ashes.
There goes my wife's last argument for keeping the house.
We inherited both of our parents houses tax-free...which were immediately sold, with the cash divided amongst the various siblings. After the recent run-up in value, I've been wanting to sell our house. But the wife keeps saying..."Just pass the house on to the kids. It'll be tax-free. Let them do what they want with it".
Oh well...looks like we're selling and moving soon, after taking advantage of the one-time capital gains forgiveness (on the first $500k).
During the Depression, FDR had a 60% income tax on those earning 100k or more.
Capital gains need to be indexed for the inflation over the actual asset holding period.
To Democrats ‘’rich’’ is anyone with a job.
It wouldn't be the first promise he made to voters that was conveniently forgetten after election day.
Oh, taxes will be going up, all right, but not for dem donors. Some kind of loophole will exist based on social credit scores, donations to specific causes/charities, etc.
Isn't that the way it always works --- an incremental increase for everyone and a hidden waiver for the rich?
While commercial real estate crumbles due to a fake cold virus.
This idea will kill it for good.
BKMK
I agree. Screw the billionaires.
Certain rich people have NGO’s that receive money the government stole from you and me. The NGO’s give that money back to Democrats. Wash, rinse, repeat.
Hire a good lawyer and set up trust funds for your kids.
Even the corrupt Witch, if she had prevailed against President Trump would’ve at least had some regard for her own legacy, as it is we’re in a very dangerous time having this reprobate dementia creature installed to bring in Communism across the USA.
Because his evil handlers have no regard for his legacy or long-term welfare, it doesn’t matter what happens to their sock puppet or how close they fan it over the open flames.
He has no future use beyond being a lit flame thrower turned against our Constitutional rights where he is being used daily to incinerate it one line at a time.
I wonder if they are cooking up some scheme to tax Roth IRAs?
“Spending freezes, higher taxes and inflation are the future.”
And guess which one of those three ain’t happening?
Gen Z thinks you Boomers deserve it. They are expecting a government reward for their loyalty.
Without a Biden, they couldn't float such a proposal - so we've learned there is utility in senility. :)
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