Posted on 04/22/2021 11:41:21 AM PDT by Navy Patriot
President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, according to people familiar with the proposal.
The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public. A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than the top rate on wage and salary income, they said.
Stocks slid on news about the plan, with the S&P 500 Index down 0.7% as of 1:43 p.m. after climbing 0.2% earlier. The Nasdaq Composite fell 0.6% after rising as much as 0.5%. Ten-year Treasury yields erased gains.
(Excerpt) Read more at newsmax.com ...
And BOOM goes the Stock Market.
All this will come about on October 29th.
Flatworms know more about tax rates, capital gains, and the economy than Joe Biden ever will. And researchers use electric shocks to train them.
OMG
FKR UPPER is going to destroy our economy and the world
The rich have already sold enough shares to financially ride out Bumblin’ Biden’s possible time in office.
The only thing Biden ‘’eyes’’ is every 10 year old girl.
The mob of Marxists around him are making policy. Not Biden.
With bad intent.
Shhhh dont give his boss AOC any ideas
Sumbitch!
And by wealthy, he means anyone making over minimum wage.
The rich can simply borrow on the value of their shares.
How much is your bank paying on your CDs?
How about .2% more a year and better security than a bank?
Ok, Jeff!
belay that... wrong thread. my bad
Math is hard for libtards and those whom they elect.
“With bad intent”
Maybe we should just start calling him Aqualung?
Is snot running down his nose?
This will certainly push investors more towards short term trading and speculation than longer term holding.
Why take the risk of reaching for the longer term? Take any short-term profits and run.
Coupling this with the STEP proposal of treating death as an imputed sale really goes after investors.
Thanx, Joe.
October 27th
There's been 2 Black Mondays and 2 Black Fridays, and one Black Tuesday and Black Thursday.
There's never been a Black Wednesday, so it's due
should this tax rate approach being passed into law, the stock market will completely collapse as investors dump EVERYTHING so their gains are taxed at the current rate ...
still, that would be a good time to buy some of the babies being thrown out with the bathwater for those who are cash-heavy already and have the balls to buy when everyone else is selling, you know, buy low, sell high ...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.