Capital Gains Tax Changes in the Reconciliation Bill

American Thinker.com ^ | October 6, 2021 | Jon N. Hall

[Kaslin]

Because Democrats are trying to incorporate the president’s American Families Plan into their $3.5 trillion reconciliation bill, Americans should be happy that it’s having such a devil of a time getting through Congress. Biden’s “plan” is to raise taxes, and not just by upping tax rates, but also by changing how and when taxes are collected. The proposed changes to the capital gains tax is supposed to target only the super wealthy, but that’s also how the income tax was sold, and we know how that went.

On April 28 the White House released a fact sheet that outlines the American Families Plan and its designs on your money. The fact sheet is rather lengthy, but the part that deals with capital gains is conveniently located at the very bottom of the webpage under this heading: “End capital income tax breaks and other loopholes for the very top.” Only the first paragraph of this section deals with taxes on capital gains; here’s how it ends:

The President’s plan will close this loophole, ending the practice of “stepping-up” the basis for gains in excess of $1 million ($2.5 million per couple when combined with existing real estate exemptions) and making sure the gains are taxed if the property is not donated to charity. The reform will be designed with protections so that family-owned businesses and farms will not have to pay taxes when given to heirs who continue to run the business. Without these changes, billions in capital income would continue to escape taxation entirely.

Maybe those billions should “escape taxation entirely.”

[Alberta's Child]

LOL. Thanks!

[rolling_stone]

its not ludicrous, the tax code is used not only to raise money and steal it from those who earn it, it is designed as a tool of social engineering...

the stepped up value has a purpose and the libs/commies are trying to change social engineering that benefits family units and long term investment and stability..instead they want people to have to depend on the government and limit their chances and incentives for independence and self productivity. why work hard, save and invest if you cant pass your already taxed income without penalties?

inflation accounts for much of capital gains and is nothing more than the government stealing from the people.

the government should be penalized for creating inflation not benefit from it. inflation is a hidden tax on the people and it is created and controlled by the government.

as thomas jefferson said:
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs

[EastTexasTraveler]

Under communism everything belongs to the government. You are supposed to be thankful for anything they let you keep. The Demonrats are Communists, so it makes perfect sense.