Posted on 04/25/2024 10:44:48 AM PDT by backpacker_c
The proposal, released last month, notes that the administration wants to increase the top marginal rate on long-term capital gains dividends up to 44.6 percent, which would make the tax rate exceed 50 percent in states like California, New Jersey, New York and others.
Two separate proposals would need to pass in the final 2025 budget for the 44.6 percent figure to come to fruition.
'Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death – a forced realization event.'
(Excerpt) Read more at dailymail.co.uk ...
But remember, orange man bad, don't vote for the fake republican, it'd be much better if Trump wasn't re-elected.
right....
That BS $400,000 threshold is now about $330,000 in current dollars.
Spending freezes, higher taxes and inflation are the future.
No other plausible outcome exists.
The idea is to absolutely reduce investment so the collapse comes sooner.
Cut spending? Balance the budget? Limit entitlements? Reduce the size of government?
Heaven forbid!!!
GET THOSE TAXPAYERS!!!
These were the same bastards who profiteered off of Covid and continue to carry water for the Dems. Tax the hell out of them.
Forgot: ...Slash foreign aid?
He must not be “taxing the rich” too much because the rich can still find plenty of cash to donate to Democrat politicians.
IT’S NOT A TAXING PROBLEM...IT’S A CORRUPTION, SCANDALOUS WASTEFUL SPENDING PROBLEM!!! FJB ABD ALL STATIST POLITICIANS!!!
(Sorry for all caps and not direct at you)
way to add insult to injury: record inflation followed by capital gains tax increase.
this can’t be accidental.
We’re old and don’t plan on selling our property but if there is no stepped up basis when we die it will destroy our estate that we want to leave our children. So if it’s gone, we’ll probably start selling off our properties and go on a round the world cruise.
-PJ
This is virtual communism. He wants the government to own 44.6% of the profits of corporations. Under communism, it would be 100%.
So why start a business if the government is going to confiscate your profits and give them to countries that are blackmailing biden, new arrivals who are getting everything free, non-Whites who will get a lifetime income (reparations), unstable people who hate their sex, and countries that hate ours.
Biden can’t find his @$$ with both hands and a funnel. These Marxist ideas are coming from the panjandrums of the Commie ‘RAT party...Obama, Soros, Hellery, etc.
disincentivize investment is code for crashing the economy and returning to 1932
Repubs should force carried interest into this as well, and just let it pass.
Let Democrat billionaires and Ivy league elite douches be taxed to fund the Regime !
If the politicians were doing a good job with the money we sent them they wouldn’t need to keep trying to raise taxes. Their wanting more money after we already send trillions is proof of their failure.
Forgot: ...Slash foreign aid?
—
foreign aid is pocket change.
Slash the Inflation Reduction Act, use the billions of unused covid money, cut all green new deal projects, and HALT the $1 trillion in new regulations.
Agreed. End the carried interest deduction. Sorry billionaire hedge fund managers, shouldn’t have voted Dem.
I’ll just say if I had half-a-million around to invest in mutual funds/stock...this would influence me to just put it in a safe bank CD for 5-percent a year....signing up for 5 years and wait out Biden’s next four years (if he were to win). Whole market would downsize with everyone buying into Bitcoin to ‘hide’ their money.
This whole discussion reminds me of era after Hoover left, and how FDR screwed over financial markets all the way to entry into WW II.
I’m nervously waiting to see what FJB wants to do to small pass-through businesses (well under the fictional $400K threshold).
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