Posted on 04/22/2021 10:52:21 AM PDT by Hojczyk
Stocks erased earlier gains to trade sharply lower after Bloomberg report Thursday afternoon that President Joe Biden would propose increasing the corporate tax rate on wealthy individuals.
The Dow dropped 250 points, or 0.7%, following the report, after trading just slightly lower earlier. The S&P 500 and Nasdaq erased gains to trade at session lows.
Biden's plan would involve increasing the capital gains tax rate on the wealthy to 39.6%, according to the report from Bloomberg citing people familiar with the matter. This would apply to those earning at least $1 million. The current base capital gains tax rate is 20%.
(Excerpt) Read more at finance.yahoo.com ...
The ChiCom CCP Chinese Communists tax people lower than “free” America.
Most narratives are false.
Great point.
These guys are playing for ALL the marbles at this point.
Yup, they know what is coming in 22...house goes GOP, Senate may go further dummocrate. So, it is either now or never. Whether it be the dummy mummy or legs up who is in charge, they will be stymied.
It is nearly over...
“But....but......Orange Man was a meanie...WAAAAAAAH!”
“What I always wonder about leftist politicians. Where do they put their money to avoid taxes? John Kerry has the bulk of his money in bonds. Where is Joe Biden’s money?”
Where? The big rich are in Hedge funds and overseas, Swiss, Luxembourg and Cayman Island banks. Also, highly paid speeches in exchange for “favors” will still pay as well as ever. Foreigners own a lot of those beautiful European villas since bringing the money back to the USA means taxes.
Go to Google Earth street view and take a tour of downtown Luxembourg City. It’s quite revealing, very impressive in person.
Except this time it’s not like a pendulum. It’s like a runaway train.
I just said something similar to wife. McConnell and his ilk are such USELESS RELICS that they think this is just "normal" Washington politics. It's NOT. It's the far, far, far, far, FAR left controlling ALL levers of power, hell bent on ripping "traditional" America apart and replacing it with their vision of leftist (Communist) utopia.
If we even HAVE anyone actually "on our side" (which I'm candidly no longer sure about, aside from people like Jordan and maybe Cruz and/or Hawley), they'd better wake up and start fighting these radical bills and plans with everything they have - or the America we all grew up in will cease to exist.
The Clintons showed you how it is done.
Create a “charitable” foundation.
Then use the untaxable proceeds to pay all your expenses—forever...
Easy peasy.
Charity begins at home!
Don’t forget the ultimate money laundering “book deal”.
Our supposed “Conservative” Supreme Court Justice Amy just took $2 million for one.
The system has been extremely corrupt for a very long time..but the wheels have come TOTALLY off the cart at this point.
I’m bidet-ing my time here this year. Will figure my taxes and take out the max I can out of IRA to keep below the next level.
1789 to now it has been a good run and my personal run is coming to an end soon too as older age takes out everyone eventually. Our nation is slipping below the waves and I feel powerless to do anything about it now. I feel just like my uncle who passed a few years ago: I was shooting at the wrong people during the war.
Democrats are all economic illiterates.
So that’s why my crypto dropped.
At the current rate, a Happy Meal will cost $2000 and the average homeless guy living in a cardboard box will earn more than $1 million from panhandling.
“Wealthy’’ means anyone with a job.
Bingo! To the Left, “the wealthy” is anyone with a steady job that pays more than minimum wage.
Considering they bought the election and colluded, well live with the results.
... Our nation is slipping below the waves...
Agree. What’s different today is that we’ve always had hate-America marxists, but now we have a lot more fully indoctrinated useful idiots. It took two generations to reach this point (public schools, press, social media) of slipping below the waves. It’s pervasive. It’s insane. It seems to be everywhere.
I hope to have enough gas in the tank and live long enough to see this Marxist cancer defeated. I suspect it will take a catastrophe or flash point. And just hope my kids and grandkids find a way to navigate through the wake.
WHAT?
That is going to blow up. Lock downs and now UI
And remember, the wealthy are all those not poor.
all part of his plan...
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