biden pushing for new capital gains tax

[Anonymous]

Anonymous wrote:He’s just considering proposing that for people making over a $1 million the capital gains tax rate is the same as a the ordinary income rate.

It’s a way to avoid all the ridiculous games like the carried interest loophole that lets hedge fund managers making $50 million pay tax at a lower rate than w-2 employees making $200k.

Thank you for clarifying. It is amazing what some context does for information.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

What about widows?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

What about widows?

What about single moms? What about, what about?

$250,000 is still tax free. People who clear this much on a house shouldn’t get an additional tax break, regardless of their age. Downsizing usually means a cheaper place, no? Whoever is making the argument for a special elderly tax break sounds like an adult child trying to increase their inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

What about widows?

Widows get $250,000 of profit tax free.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He’s just considering proposing that for people making over a $1 million the capital gains tax rate is the same as a the ordinary income rate.

It’s a way to avoid all the ridiculous games like the carried interest loophole that lets hedge fund managers making $50 million pay tax at a lower rate than w-2 employees making $200k.

+4

I can’t get exercised and angry over this. These people do not pay their fair share and the party they seem to support keeps wanting to tax poor people more “so they have some skin in the game.” Poor people’s skin is the what the rope is made of while the wealthy get to float above it all like ghosts.

What is the fair share?

Obviously if you do not have the money, cannot pay the taxes. Or if you do not have investment/business you can not pay the taxes. By this definition, the rich person must be paying most of the income/investment tax.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

Yeah, GMAFB. Anyone who makes enough on the sale of a home to pay capital gains tax can afford to downsize.

What is cost of new condo in DC area?

[Anonymous]

Why does it stay at 500k and 250k and not adjusted for inflation yearly?

Only the greedy government prints money and always gets adjusted up for inflation every year. Lazy, greedy jerks.

[Anonymous]

I don’t have a problem with raising capital gains taxes, but this is a very bad policy. It is will significantly distort economic decisions because people will take extreme measures to avoid the large tax rate differential. The top federal tax rate for long-term capital gains below 1M is 23.8%, he is proposing a marginal rate that is +17% for anything above this arbitrary cutoff. Especially one you include state income taxes it will cause problems.
In MA for example, LTCG rate under 1M will be 28.8% above 1M it will be 49.8%. It would be better policy to just tax investment income at the same rate as wage income.

[Anonymous]

Anonymous wrote:Why does it stay at 500k and 250k and not adjusted for inflation yearly?

Only the greedy government prints money and always gets adjusted up for inflation every year. Lazy, greedy jerks.

What else is adjusted for inflation yearly? I could see raising these amounts since they’ve been in place since the Clinton administration, but no, this isn’t going to adjust yearly when things like the federal minimum wage and cost of living adjustments to Social Security do not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Democrats have never met a tax they didn't like.

Biden also wants to impose a 25% tax on wealthy individuals for UNREALIZED gains.

there is no practical way of doing this, so it really isn't worth freaking out about

There is no practical way to do a lot of what Biden wants to do, but he somehow does it - even when the courts say he can't.
Talk about tyranny.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

Yeah, GMAFB. Anyone who makes enough on the sale of a home to pay capital gains tax can afford to downsize.

Unfortunately, "downsizing" doesn't always mean finding a home less expensive than the one you are in.

[Anonymous]

Anonymous wrote:He’s just considering proposing that for people making over a $1 million the capital gains tax rate is the same as a the ordinary income rate.

It’s a way to avoid all the ridiculous games like the carried interest loophole that lets hedge fund managers making $50 million pay tax at a lower rate than w-2 employees making $200k.

Good!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

Yeah, GMAFB. Anyone who makes enough on the sale of a home to pay capital gains tax can afford to downsize.

What is cost of new condo in DC area?

Objection, irrelevant

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.

Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”

Yeah, GMAFB. Anyone who makes enough on the sale of a home to pay capital gains tax can afford to downsize.

What is cost of new condo in DC area?

Objection, irrelevant

Disagree. This is a high cost of living area, so if you have a condo for a long period of time you likely have more than 500k if its inside the beltway.

I can't find a new townhouse for less than 700k in fairfax.

[Anonymous]

Anonymous wrote:He’s just considering proposing that for people making over a $1 million the capital gains tax rate is the same as a the ordinary income rate.

It’s a way to avoid all the ridiculous games like the carried interest loophole that lets hedge fund managers making $50 million pay tax at a lower rate than w-2 employees making $200k.

But it should be higher, make it 1.5 mil or 1.75. These low numbers hurt the average man the most. A property owner that has two or three rentals will get totally screwed. This really hits hard for families trying to build generational wealth.