"You mean a Black Russian?"
Posted on 04/23/2021 9:54:31 AM PDT by Aquamarine
President Biden is expected to announce a proposal to nearly double the capital gains tax rate in order to help fund a forthcoming spending package, according to multiple reports.
The proposal would set the capital gains tax rate for individuals earning over $1 million at 39.6 percent, two people familiar with the plan told Bloomberg. When combined with an existing federal surtax on investment income, investors could pay federal taxes at a rate of as high as 43.4 percent.
In states with high taxes, rates for wealthy individuals could be even higher. New Yorkers making over $1 million would see combined federal and state capital gains tax rates of as high as 52.22 percent, while California residents in the same income bracket could see a 56.7 percent combined federal and state capital gains rate.
(Excerpt) Read more at msn.com ...
You should have said like flowers in The Cayman Islands, Hong Kong or Lichtenstein.
I just converted my two alt coins into USDC which is stable and pegged to the dollar. I’ll convert it back when crypto stops it’s free fall.
$250 crypto purchase turned into $470 and then I cashed out $300 to buy tractor tires.
Then that remaining $170 turned into $150 and then $120 as of this morning so I converted it to USDC.
Pulled the $300 when it was at an all time high so the timing was good, even if dumb luck. Two days later, all crypto started it’s downhill slide.
Just means Oprah, Bill, Kerry, Mikey, and others of the “do as I say” crowd will just continue to keep their money and assets in places like Switzerland and elsewhere so such tax increases do not affect them at all.
The rich could simply borrow money on their shares at today’s record low interest rates.
Would I lend Bezos money at .2% more than what my bank pays me?
Why yes!
1776: Taxation without representation
2021: Taxation with representation
First of all, you have to hit $11.4 million in your ‘inheritance jackpot’ before anything kicks in. Married couples? $22.8 million. Currently, you can flat-out GIVE your heirs (or anyone you want) up to $15K a year with no taxes to pay for you or them. (Up from $14K)
If you have adult children that you TRUST, either set up a legal Trust right now, or make sure they jointly own your assets, checking and savings accounts.
That’s what Dad and I did. Simplified things greatly when he died last year.
I’m concerned about the gubmint decides against bitcoin and instead of shutting it down, forbids banks from dealing with it.
Get ready for a repeat of FDR’s wonderful Depression economy of the 1930’s - then another world conflict to bring us out of it, only this time ...
Hang onto your wallets America! It is a fact that every time the Federal Government has its sights set on the millionaires, not only do they miss, they hit us little guys instead. That's deliberate.
Saying they're gonna tax the millionaires is just propaganda b.s.
Time to prepare to cash out, pay off all debt and live off the grid. The pace they’re moving we’ll be looking at “negative interest “ rates on our money...which is confiscation but sounds “nicer”.
Constitution?
Bitcoin capital gains are not reported to IRS.
First the government gives away money they don’t have (but print) and then they whine they don’t have enough (couldn’t print enough) and then they want everyone (really only the top 5%) to “pay their fair share”.
If Russia had more black people, I have no doubt Lenin would’ve done that. Same with Germany and Marx in 1840’s
...markets would instantly tank.
LOL!
So how can Biden raise taxes? The headline makes no cents.
is this a specific type of trust? i know there are several versions out there...
Yep..correctamundo..imo
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