Posted on 05/27/2021 10:49:50 AM PDT by Mr. Mojo
Thinking about selling some appreciated investments before the big Biden tax hike kicks in?
It may already be too late.
President Biden’s blockbuster $6 trillion budget assumes that his proposed capital-gains tax hike took effect in April, according to the Wall Street Journal.
Biden has proposed raising the top tax rate on capital gains to 43.4 percent from 23.8 percent for households with income over $1 million.
“The effective date for the capital-gains tax rate increase would be tied to Mr. Biden’s announcement of the tax increase as part of his American Families Plan, which includes an expanded child tax credit and funding for preschool and community college. He detailed the plan April 28, and the budget will be released Friday,” Richard Rubin of the Journal writes.
The retroactive aspect of the tax hike is a tacit admission that such a large tax hike is likely to change investor behavior as taxpayers seek to avoid paying such an elevated rate. Critics of the plan say it will hurt investment and economic growth by penalizing gains.
Capital gains on investments can result in triple-taxation.
(Excerpt) Read more at breitbart.com ...
cooking up a batch of stagflation
Retroactive tax hikes? What an a-hole.
Just make it retroactive to July 4, 1776 and be done with it..................😠
Clinton did it..............
First they came for the “rich”...
Making Carter look good. Does this idiot not realize that simply reversing all Trumps plans is actually going to destroy this country.
So, his plan for American families is retroactive taxes, while his plan for illegal immigrants is retroactive stimulus checks.
Who exactly is his constituency? This is far, far away from MAGA.
Yes. I remember.
I believe that is their plan.
Didn’t Clintoon do something similar by retroacting something back to the beginning of the year?
“Biden Plans Retroactive Tax Hike” — Is it possible that perhaps Congress might have some say in this notion? Or even the Supreme Court as to constitutionality?
Eh, they’ll do the dance with the RINO Congress and settle at 33% for those making over $1M.
They’re doing much worse elsewhere.
Hi.
Can you say ipso facto law and bill of attainder?
I knew you could.
Oops, I apologize. There is no stinkin’ U.S. Constitution. What am I thinking?
5.56mm
The dems have decided investors are a small enough slice of the voting populace that they won't suffer for it. And they're probably right... American voters won't oppose something until they're directly affected.
The SCOTUS’ reaction will be based on two factors:
1. Will there be riots?
2. How can we spin it to say “no standing?”
T-minus 19 and counting!
Tax them into oblivion.
Biden’s not planning a darn thing.
Based on the increased money supply I’m predicting 35% inflation per year by September. This tax increase is designed to grab all those assets where are going to be blown up in price by this inflation.
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