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 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.