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 ...
without G_d we have lost the world..
With G_d a new beginning looms in the ashes like a Phoenix..the world in any form only represents man, thus its failing, churches too...but since G_d is the one who saves in Christ, we have more than hope...we have His being in us forever.
Hold on, before the world can change man must see the worlds complete failures, in order to recognize our true need for our Shepherd. Man is blind, dead, and has not seen a living world yet..kinda like children barely able to see they have soiled themselves, looking at earth as a big diaper..hmmmm...come Lord we need you, we don’t know the earthly things he said much less the Heavenly..
But the spirit tells me you are aware of this picture in some form..peace to you
why invest in anything? Hoard time..then they will change currency and offer 10 cents on the dollar to whites as a racist fee...
Not to mention..gas, property, sales, etc...etc...taxes I pay..and you pay.
Biden is a fool....
What a quick way to get rid of America businesses......and bring America down to 3rd world status. Biden and his whole administration are all American Haters and a bunch of screwballs. They all make me sick.
it will come
I was watching Kudlow last night and he spent a great deal of time explaining just how bad this is going to be for the country on multiple levels. I was surprised Fox Business allowed him to go on stating the facts as clearly as he did. It really became even more clear that Joe Biteme + all his Rats have the Country in their sights to bring about their “Social Change”, and was disturbing enough to draw me in for the whole program.
Sarcasm on my part. Of course IF the US operated under its constitution, tax policy would be established by Congress.
In the "pretend it's constitutional" era, presidential candidates run on legislative policy and this is taken as perfectly normal. All three branches are busy selling out the country. The downfall is on them, not on the voters as they (the government) would have you think.
You know the President can do what he wants man.
Stroke the land, law of the pen and all that.
Does anyone remember the **it I got here bringing that up via my CPA?....
BTW the 39.6% goes back to Clinton. That was the rate for Dividends if you were in the higher brackets. No wonder everyone was doing the "go-go" stocks, ya got creamed owning Divi's. I was their, saw it happen. As bad as GWB was the qualified cap gains rate fix make this liveable. They will fubar it is my guess...
iirc there was a line/section on this years form asking about crypto
Is Bitcoin subject to capital gains tax?
Here’s what you need to know about filing crypto taxes for 2020. The U.S. Internal Revenue Service (IRS) in 2014 decided bitcoin (BTC, -0.91%) and other cryptocurrencies should be treated as “property”, meaning they qualify for capital gains treatment similar to traditional assets like stocks and bonds.Feb 26, 2021
Crypto Tax 2021: A Complete US Guide - CoinDesk
https://www.coindesk.com/crypto-tax-2021-guide
That is the rules. But crypto transactions can be barter style, leaving no footprint behind. That is the reason crypto has value.
You know this administration can’t allow that.
but how/where do you cash them out wiout being reported on to the irs?
out of the country?
It looks like they plan to go “woke” screwball all the way to the moon:
When the slightest error can kill all the crew instantly, “diversity” is dangerous stuff.
Stupidity is dangerous to children and other living things.
Not a problem, the Reps and Senators will keep it all in their ‘foundations’ which are non-profit.
Biden, a democrat, proposing to raise taxes. Who would have thought?
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