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 ...
The ‘Rich’ today are those closest to the source, which is .gov. The ‘Rich’ then collect largess from the .gov then turn around and give them back their cut. One hand washes the other.
Go ahead raise their taxes. They will raise their prices. You will be the one that pays.
"Biden proposes the biggest capital gains tax in 100 YEARS as he continues his raid on the rich with huge hikes The 44.6 percent rate is stunning those who say it will disincentivize investment"
FR: Never Accept the Premise of Your Opponent’s Argument
High taxes for any income-earning citizen are a consequence of corrupt, post-17th Amendment ratification Congress abusing its 16th Amendment (direct taxes) power with unconstitutional federal taxing and spending imo. These ill-conceived amendments effectively nullified the unconstitutionally big federal government's constitutionally limited powers imo.
The remedy for this scandalous situation is for Democratic and Republican Trump supporters to support hopeful Trump 47 with a new patriot Congress in November that will not only support him to quickly finish draining the swamp, but will also support him in leading the states to effectively “secede” from the unconstitutionally big federal government by repealing those ill-conceived amendments.
"16th Amendment : The Congress shall have power to lay and collect taxes on incomes, from whatever source derived [emphasis added], without apportionment among the several States, and without regard to any census or enumeration."
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
From the congressional record:
”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
“Cherish, therefore, the spirit of our people, and keep alive their attention. If once they become inattentive to the public affairs, you and I, and Congress and Assemblies, judges and governors, shall all become wolves [emphasis added]. It seems to be the law of our general nature.” - Thomas Jefferson (Letter to Edward Carrington January 16, 1787)
Pelosi: "We have to pass the bill so that you can find out what is in it." (non-FR; 6 sec.)
Democrats [and RINOs] Are Terrified Of An Educated And Informed Public (3.12.23)
It isn’t a raid on the rich, it is a raid on almost everyone. Many in the middle class and even the lower class have stocks as do many retirees. So the idea or propaganda that it is aimed at the rich is BS.
Think about what this will do to farming.
Most farmers are land rich but operate on borrowed money.
This tax plan at the levels quoted will make it impossible for heirs to stay on the farm. They will be forced to sell the land in order to pay the tax.
Any family owned business will subject to the same pessure to sell.
It's really cute that you both believe loyal donors are going to pay these taxes. You are as gullible as the leftists who chant "tax the rich"
The FACT is these pieces of legislation are written in such a way to give the right people loopholes so they never really pay the higher taxes.....those higher taxes only fall on the lower income citizens while Democrats can virtue signal that "we got them".
But you both go ahead and believe your fantasy that the Democrats will make the rich pay their fair share.
The rest of us are laughing at you.
Yup, just as I posted in #45 above, this tax never soaks the rich but only falls on the lower citizens who happen to get a big windfall, like farmers.
And we know that the left wants to drive all farmers out of business and this is just one more noose around our farming community's neck.
Meanwhile, some FReepers are cheering this.
Financial inequality is at the highest level now than at any other point in all of history. If something isn’t done to rectify the situation then you can expect some level of Communism to take over.
Capital gains aren't dividends.
Now they keep floating the idea of taxing “unrealized capital gains”. So in a nutshell if I bought my farm and ranch land forty years at $200 an acre and it’s now worth $4,500 an acre I would be taxed on the price difference. That would bankrupt every farmer/rancher in the US. These people are beyond insane they’re evil.
World’s billionaires should pay minimum 2% wealth tax, say G20 ministers
https://www.theguardian.com/inequality/2024/apr/25/billionaires-should-pay-minimum-two-per-cent-wealth-tax-say-g20-ministers
I just dont know how congress would go along with this, given that they make huge amounts of money in the stock market and investing....thus incuring capital gains. Both dem and repubs...
Hear, hear!! You nailed it.
You really don't get it. This wealth concentration is INTENTIONAL by those who will remain at the top while the rest of us (including the leftist supporters) are thrown into serfdom for the next 100 years.
Pretending like a wealth tax will work is laughable.
btt
Hope they enjoy their resulting unemployment.
This is just a cry for MO MONEY for politicians, from the people to whom Capital gains is their bread and butter.
Every time they “soak the rich”, it ends up soaking the middle class.
Taxes are for the little people
Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax.
Looks like the folks will be stashed in the back yard or wood for awhile.
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