All according to plan
Posted on 04/26/2024 1:57:32 AM PDT by Libloather
resident Biden's latest proposal to hike the top capital gains tax rate to its highest level in more than a century is facing heavy criticism from experts who warn such an action could significantly harm the U.S. economy.
According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%. A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early 1920s.
"Investment is the real driver of economic growth," E.J. Antoni, an economist and research fellow at The Heritage Foundation, told Fox News Digital. "Investment is what gives you productivity gains. Investment is where you get factories and machines — it's where businesses are able to provide their workers with tools and equipment that allow them to increase their productivity, to increase wages, etc."
"If you're going to tax something, you get less of it," he continued. "And that's just as true for investment as it is for anything else. Taxing capital gains means less investment, it means less economic growth, and it means the rise in people's standards of living is going to slow dramatically."
The Treasury Department's report states that the 44.6% rate is a combination of proposals, including increasing the top ordinary capital gains rate from 20% to 37%. The bulk of the tax hikes impact Americans with taxable income greater than $1 million.
But Antoni, who argued such a tax hike would have broad economic impacts, further noted that inflation impacts the price of equities, such as stocks. That means a tax on gains when equities are sold also taxes inflation.
(Excerpt) Read more at foxnews.com ...
We consider that a bug in the program. Biden's handlers consider that the goal.
Biden is the perfect Fall Guy with a perfect 50+ year track record.
Jug Ears said to never underestimate Joey’s ability to f*ck things up.
Biden picks the wrong side of everything. So, if this tax is a bad idea, it’s GUARANTEED Biden will sign it.
We are so screwed. Forget about Congress saving our butts. “Useless” doesn’t begin to describe the current crop of excrement.
I think you are correct. The cabal running Biden and US policy want to destroy western civilization.
I understand the outrage but this is Dead on Arrival. But when they propose such outrageous taxes, they are trying to force the other side to move to the middle which must fail!
I understand the outrage but this is Dead on Arrival. But when they propose such outrageous taxes, they are trying to force the other side to move to the middle which must fail!
Oh what wailing there will be when we men decide to just grab our fishing rods and disappear!
“On the other hand, we could eliminate all hand outs and entitlements and “po’grums”
GenX is on board with that start with social security and SSI, then move to Medicare and Medicaid zero all that out. The Supreme Court already said SS and SSI is nothing but a payroll tax no one anywhere has a single dollar in entitlement too it there is no lockbox never was it was always and will always be a tax on those working for those who are not. End it tomorrow and the younger generation will leap for joy. Let us invest that 15% as we see fit or not. Sorry they lied when they said there was an individual entitlement the court resoundingly said nope.
“Oh what wailing there will be when we men decide to just grab our fishing rods and disappear!”
Property taxes must still be paid, 1099 INT,B,R and G will still be issues and must be filed on. Even leaving the country as an expat you owe ten years of future taxes should you renounce your blue passport with over a certain amount of assets I think it’s up to 5 million now and they mark to market assets on the date of renunciation thank Bush jr for that atrocious law he signed it.
Biden (or rather his handlers) are doing a lot to crush the American economy.
“Russia To Seize $440 Million From JPMorgan”
https://www.zerohedge.com/markets/russia-seize-440-million-jpmorgan
“Seizing assets? Two can play at that game...
Just days after Washington voted to authorize the REPO Act - paving the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks - it appears Moscow has a plan of its own (let’s call it the REVERSE REPO Act) as a Russian court has ordered the seizure of $440 million from JPMorgan.”
It is all election year noise to get the low income voters. Stick it to the rich. This is why so many low income spout the dems are for the little guy non-sense.
Economic Advisor: "Mr. President, this proposed capital gains tax increase will likely crush the US economy."
Biden: "Huh? Wha? May I Mambo dogface through the banana patch?"
Obama nodding with a smile, thinks: "Yes...this may finally do the trick."
Besides, the Trump tax legislation expires soon. Then the individual tax code comes back in effect. The results will most likely be called "unexpected".
“...could crush the economy...”
Don’t be a dummy! Hasn’t THAT been Liberals’ primary agenda for decades?
Isn’t THAT what they have been making a concerted and deliberate effort to accomplish, all this time??
I’ve been rushing to convert non Roth retirement to Roth retirement ever since the rates were reduced by Trump. Even if nothing happens the rates go back up either next year or the year after, I can’t recall. I’ve been converting enough each year to just stay on under the next tax bracket. I’m about 80 percent Roth invested now. That will keep my retirement income taxes to a minimum.
If you are unequal and poor, stealing the income of others that seems not really earned is the way to go
To those who lack equality, profits and dividends earned on investments are totally unfair. Lacking any investments, such earnings are not possible for the unequal and areunfair. Fairness demands the unequal receive a part of the more equal’s income from invested capital.
The basic tribal clan is a communist entity
Been doing the same. Too old to convert now so just taking enough at current marginal rate from IRA to not get into higher one.
Next up...elimination of the one time $250m/$500k capital gains exclusion on your primary residence sale.
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