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.
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.
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.
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.
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.