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Biden Eyeing Capital Gains Tax as High as 43.4 Percent for Wealthy
Newsmax ^ | April 22, 2021

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 ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: communism; communist; communistic
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At a 90% rate, Biden would get more than twice as much as 43.4%!
1 posted on 04/22/2021 11:41:21 AM PDT by Navy Patriot
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To: Navy Patriot

And BOOM goes the Stock Market.


2 posted on 04/22/2021 11:41:52 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: dfwgator

All this will come about on October 29th.


3 posted on 04/22/2021 11:42:55 AM PDT by SkyDancer (To Most People The Sky's The Limit ~ To A Pilot, It is Home)
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To: Navy Patriot

Flatworms know more about tax rates, capital gains, and the economy than Joe Biden ever will. And researchers use electric shocks to train them.


4 posted on 04/22/2021 11:43:42 AM PDT by Richard Axtell ( )
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To: Navy Patriot

OMG

FKR UPPER is going to destroy our economy and the world


5 posted on 04/22/2021 11:44:45 AM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: Navy Patriot

The rich have already sold enough shares to financially ride out Bumblin’ Biden’s possible time in office.


6 posted on 04/22/2021 11:45:26 AM PDT by Brian Griffin
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To: Navy Patriot

The only thing Biden ‘’eyes’’ is every 10 year old girl.

The mob of Marxists around him are making policy. Not Biden.


7 posted on 04/22/2021 11:45:45 AM PDT by jmacusa (The result of conformity is everyone will like you but yourself.)
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To: jmacusa
The only thing Biden ‘’eyes’’ is every 10 year old girl.

With bad intent.

8 posted on 04/22/2021 11:46:36 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: Navy Patriot

Shhhh dont give his boss AOC any ideas


9 posted on 04/22/2021 11:46:38 AM PDT by GrandJediMasterYoda (As long as Hillary Clinton remains free equal justice under the law will never exist in the USA)
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To: Navy Patriot

Sumbitch!


10 posted on 04/22/2021 11:46:51 AM PDT by Huskrrrr (Pronouns? I need no stinkin pronouns!)
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To: Navy Patriot

And by wealthy, he means anyone making over minimum wage.


11 posted on 04/22/2021 11:47:55 AM PDT by brownsfan (Term limits! Without term limits, we are doomed.)
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To: Navy Patriot
i doubt the word ONLY was ever uttered... but to be aware of false flag actions
12 posted on 04/22/2021 11:48:17 AM PDT by Chode (there is no fall back position, there is no rally point, there is no LZ... we're on our own. P144:1)
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To: Navy Patriot

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!


13 posted on 04/22/2021 11:48:40 AM PDT by Brian Griffin
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To: Chode

belay that... wrong thread. my bad


14 posted on 04/22/2021 11:48:54 AM PDT by Chode (there is no fall back position, there is no rally point, there is no LZ... we're on our own. P144:1)
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To: Navy Patriot

Math is hard for libtards and those whom they elect.


15 posted on 04/22/2021 11:49:37 AM PDT by rfp1234 (Caveat Emperor: Comitii asinorum atque rhinocerorum delendi sunt.)
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To: dfwgator

“With bad intent”

Maybe we should just start calling him Aqualung?


16 posted on 04/22/2021 11:50:30 AM PDT by woodbutcher1963
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To: woodbutcher1963

Is snot running down his nose?


17 posted on 04/22/2021 11:51:41 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: dfwgator

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.


18 posted on 04/22/2021 11:53:11 AM PDT by Pearls Before Swine
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To: SkyDancer
All this will come about on October 29th.

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

19 posted on 04/22/2021 11:53:27 AM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: Navy Patriot

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 ...


20 posted on 04/22/2021 11:53:47 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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