Posted on 05/22/2024 8:09:13 AM PDT by libstripper
One tax table is focused on taxing Americans on their ordinary income, the income you earn from your job or your business.
The other tax table is focused on taxing your long-term capital gains, meaning assets that have grown in appreciation such as stocks or your business value held more than 365 days.
* * * According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%.
Today, that top marginal long-term capital gains rate is at 23.8%. Do NOT get fooled when you hear or read that the increase is ONLY a 20.8% increase, when in fact it would be an 87.4% increase!
(Excerpt) Read more at foxbusiness.com ...
It may pass if Obama is re-elected to a fourth term and the Democrats control both houses.
Wow. That would destroy my savings plans. I would divest from the market almost entirely. That’s unconscionably high.
> I would divest from the market almost entirely.
Ditto.
Ditto X Ditto
Hellen is such a troll.
The “rate” would move up 20 percentage points. The “increase” would be 82% over the current rate. So, if you paid $100 today, you would pay $182 after today.
And these morons are ruling the world.
Tax cuts have historically yielded increased revenue due to increased economic activity in the private sector; however, government spending has always continued to accelerate at a greater rate. So, if one is at least marginally sane, it appears the reason for tax increases is not to raise more revenue, but something else.
While government is necessary for a few things, it is the least efficient, least productive, most expensive, and most corruption prone way to try to accomplish anything positive. At least anything positive for those not feeding at the public trough.
Remember that a significant part of the capital “gain” is just in nominal value caused by the intentional and now greatly increased currency devaluation from inflation. The government overprints money thus destroying its value and then taxes you for that privilege.
Increase in capital gains tax rate
This proposal is an unwarranted boon to government. It unjustly rewards inflation. Let's face it, some of the alleged gains in capital holdings are due not to increased true value, but to the operation of inflation caused by excessive government spending.
If Congress wanted to play fair, they would mandate a calculation of "gain" by requiring the calculation to be performed in constant dollars. If you bought a stock in 1933 and sold it in 2024, to calculate the actual gain you would need to multiply the sale price by 0.023, so the gain would be calculated in 1933 dollars. Or, multiply the basis price by, say, 45 or so, to do the calculation in constant dollars.
Even such a multiplier may be two low. Right now, gold is at 104 times the original price fix in 1920.
I won't hold my breath.
This is all on Obozo, he hates America as any good muslim does. Biden is in the fog.
This is actually a classic negotiating tactic.
Ask for the sun and the stars.
“Settle” for the moon.
If this goes with a 5% increase it’ll be painted by the MSM as a reasonable compromise when really it’s just a simple tax hike that will punish long term investors and pensioners/retirees who did the right thing. Versus those who blew their entire earnings on travel, cars, fine dining, drugs and drink.
You wouldn't be the only one. What do you suppose would be the larger economic effects of a massive surge in panic-driven selling on the stock market?
Here’s the thing. There will be a cap gains tax increase of some kind and even if it is not double it will be bad. Even if Trump is elected noting but fighting over tax increases will get done for the next two years.
The government never has enough money to do everything politicians want to do. The goal should not be to ‘maximize tax revenue’, it should only require the MINIMUM revenue to accomplish MINIMAL goals.
We’ve accepted the opposite. D.C. is upside down.
DOESN’T HELP WHEN AMERICANS ARE SUPPORTING 40 MILLION NEW INVADERS——AND the flow inbound never stops.
Yea the RATS tried this in the 60’s.
The difference now is there are many more Americans invested in the stock market and/or have large appreciation in real estate.
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