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 ...
“bipoc” impacted the most. No?
Democrats who make money on inside trading won’t like this.
Oh, please, like they'd suffer the consequences. The middle class will just get soaked, as always.
To DemonRATs harming the economy is a feature. It’s what they seek.
To bad Biden isn’t to announce a proposal for freezer money inspection in D.C..
Taxes, ah yes, Article II of the Constitution, POTUS has the power to set taxes.
Capital gains are racist.
Capital is racist.
Folks are speculating bitcoin gains to get pounded.
Land of opportunity is now a myth.
wonder what that works out to on a BTC bought in the last few years, IRS say yuuuum yummmm...
This is one of those things (Capital Gains Tax) which will require congressional approval. Not likely to happen. I would like to see him make a proposal rather than blather about it.
destroying USA includes destroying the economy, businesses, and jobs
it is that simple
Tax dodges will pop up like flowers in the spring.
If they pass this and eliminate the real estate basis step-up when a spouse dies, about 2/3 of our kids’ inheritance gets stolen. This absolutely sickens me. I want my lifetime savings to go to my kids, not the God Damned government which will waste it on Democrat marxist projects to destroy America and Western Civilization. The very idea of stealing our wealth to pay for “human infrastructure” is beyond infuriating.
God, I sure do miss President Trump. Every day Biden heaps another massive insult onto hard-working Americans.
it’s called Domestic Economic Terrorism.
bookmark
Quick trades ...like stock options given at time of sale of business ...are treated as ordinary income
Not capital gains
I think at least it used to be.....one had to keep an asset a year
This is not good for anyone but uniparty to pay off their body apparatus
capital gains are taxed only when they are sold and become realized
Beware any proposed taxes on ‘Unrealized Capital Gains’.
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