Posted on 08/23/2019 6:50:21 AM PDT by Enlightened1
Democrat presidential candidate Joe Biden said he’d like to raise the capital gains tax rate to 39.6 percent, a near doubling of the current 20 percent.
Biden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television:
“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” Biden said yesterday.
Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.
Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.
In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.
In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.
Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.
Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.
Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.
If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.
(Excerpt) Read more at atr.org ...
Yeah Biden because that has worked so well over the last 20 years......(sarcasm off)
That’s a winner!
The ghost of Mondale present.
Warren buffet will not be happy. Then he’d pay more than his secretary in taxes. LOL!
You just don’t get it. It’s not your money - it’s the Government’s. You should thank the Government for letting you to look at the money for a little while!
Raise it back up to number that it never was?
Is that like the Government doing a Gun “Buyback”?
If Trump declared he was ending hemorrhoids, Democrats would promise everyone a new one for free.
Is he huffing paint?!
So to sum things up - The Democrat party wants to raise your taxes, raise the capital gains tax, open the borders and force American taxpayers to provide free health-care to illegal aliens and register and then confiscate all firearms owned by law-abiding citizens.
Yeah, they are going to be tough to beat in 2020!
Taxing always spurs more investment so people can make up for the tax losses.
Maybe your wife will swallow that load, Joe.
Do not forget they want you to pay for Universal Health Care, but illegals will get it for free....
In other words hard working and law abiding citizens will be paying for the health care to law breakers.
Let that sink in...
This won’t please the socialist base that wants to impose a 90% tax rate.
How about eliminating the double taxation of corporate income— once at the corporate level, and again when dividends are paid?
Cause everyone loves having less money!
Biden’s big donors won’t mind—they have their off-shore tax havens and fourth homes set up and ready to go.
Average small businessmen—well, who cares, they are the deplorables anyway. :-(
What do you expect from a Dumb Lying DEMON RAT like Biden. The one and only reason that this POS wants the Capital Gains Tax raised is to done thing. PUT MORE MONEY INTO THE HANDS OF THESE CROOKED DEONRATS TO PUT INTO THERE OWN POCKETS.
That will not satisfy them.
They want it all.
In other words, it wouldn’t affect the Democrat base at all.
Biden should sit down for a long talk with his personal CPA & tax adviser & find out HOW MUCH it will cost him & his estate when he dies......under his plan.
That shock might kill him...
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