biden pushing for new capital gains tax

[Anonymous]

Anonymous wrote:It’s a wealth tax. We need it. Not only to fund the government, but to address the social ills of too much wealth inequality. And, don’t start with “I worked hard for my money. You’re going to kill initiative in this country.” The people who will be impacted by this are not working hard, period. And those who have initiative will work hard despite this tax. Taxes have been much higher in the past, and the world didn’t stop.

It hilarious that Dems salivate over wealth taxes while they simultaneously espouse the Nordics like Sweden as some kind of progressive wonderland.

Lol, did you know Sweden has no wealth taxes?

No one wants to work their entire life so the govt can confiscate everything. Sweden was mires for decades in low gdp growth, stagnant wages, and high unemployment until the 90s when moderates came in, slashed tons of taxes, and embraced capitalism much more. Sweden even has 0% inheritance tax, lol.

[Anonymous]

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Of course it's never a spending problem..it's always a tax problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Of course it's never a spending problem..it's always a tax problem.

There is no government program that is so unimportant that we can end it. We still have a helium reserve for our airship fleet.

[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.

There's already a $500,000 exclusion for capital gains taxes (for married couples) on housing. Granted, that was created in 1997 so probably should be indexed for inflation. But it's a fallacy to say people can't downsize because they might have to pay capital gains taxes. The real issue is they can't find the kind of housing stock they want to live in.

Not indexing for inflation is a feature, not a bug, for pols. The whole point is to continue capturing additional taxpayers over the years without having to pass new legislation that might hurt your reelection chances.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Why am I afraid of my government?

[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.

This. Your guy ran on this as a campaign promise and then conveniently forgot it the minute he was in power. We need to equalize the rates or your guy's poor followers will pry your wealth from your cold dead hands once they realize they've been had. Remember, they have all the guns.

From the NYT, May 14 of last year:

Morris Pearl, 60, a former managing director at BlackRock, the largest asset management firm in the world, points to himself as an example.

“People are following the law just fine,” said Pearl, who started at Salomon Brothers in the 1980s. “I generally don’t pay much taxes.”

Pearl has two young adult sons with trust funds in the “seven figures.” He is also the chair of the Patriotic Millionaires, a nonprofit group of well-heeled Americans pushing for the wealthy to pay much more in taxes.

One reason they do not, he joked, is that “the basic way to save on taxes is to not have any income.” His tongue-in-cheek message being that it’s far better to earn capital gains on investments that go untaxed unless or until those gains are “realized” when sold for cash.

“I have right now in my stock portfolio, some stock that my wife’s father, who died a long time ago, bought in the 1970s — that investment has gone from a few thousand dollars to many hundreds of thousands of dollars,” Pearl noted. “I’ve never paid a penny of taxes on all that, and I may not ever, because I might not sell and then my kids are going to have millions of dollars in income that’s never taxed in any way, shape or form.”

Pearl doesn’t think the U.S. government “needs more money from rich people” to fund itself. Rather, his support for reforming the tax system arises from his belief that the rich have begun to monopolize resources and opportunity in a way that jeopardizes social stability and economic growth.

“I have investments in companies that depend on growth,” he said. “I’m not altruistic.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Of course it's never a spending problem..it's always a tax problem.

I don’t think you understand the math. This is decades worth of rampant spending. There is no belt tightening that can make a difference. In fact many prominent economists say we are past the point where increasing taxes, even at exorbitant levels, can make a difference. From here on out it will be rapid quality of life decreases and asset transfers to gov. or…..war.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Of course it's never a spending problem..it's always a tax problem.

There is no government program that is so unimportant that we can end it. We still have a helium reserve for our airship fleet.

They sold it. https://www.nbcnews.com/health/health-news/us-just-sold-helium-stockpile-s-medical-world-worried-rcna134785

And it was started for the airship fleet. Thats not why we retained it, goober.

[Anonymous]

Anonymous wrote:Capital gains are income. Why shouldn’t income from investments be taxed at the same rate as earned income from salary and wages? There is no good reason except that capitalists own every level of government and everything else.

Capital gains on a primary residence are many people’s ONLY investment. So taxing that higher than someone’s passive income on the stock market/other investments is just another way that the UMC bear the burden for everyone.

UMC would be spending that on cars or furniture or going on vacations but truly wealthy people just stockpile it because they can live fabulously enough just on their income. It makes more sense to tax people who own more than one home or who are buying yachts.

It’s always been reprehensible that earned income is taxed higher and why the rich get richer and everyone else struggle to get ahead. I’m all for taxes, they pay for civilization, but it makes no sense that in the past 20 years our income has doubled and our lifestyle hasn’t improved. We paid $150,000 in taxes last year and I 100% would have spent that on remodeling the outdated house we bought last year (at 7%) if I could have. Spending is good for the economy. Let us spend. Let the Uber wealthy with their multiple homes and RE investors who are responsible for the raising prices pay more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Capital gains are income. Why shouldn’t income from investments be taxed at the same rate as earned income from salary and wages? There is no good reason except that capitalists own every level of government and everything else.

Capital gains on a primary residence are many people’s ONLY investment. So taxing that higher than someone’s passive income on the stock market/other investments is just another way that the UMC bear the burden for everyone.

UMC would be spending that on cars or furniture or going on vacations but truly wealthy people just stockpile it because they can live fabulously enough just on their income. It makes more sense to tax people who own more than one home or who are buying yachts.

It’s always been reprehensible that earned income is taxed higher and why the rich get richer and everyone else struggle to get ahead. I’m all for taxes, they pay for civilization, but it makes no sense that in the past 20 years our income has doubled and our lifestyle hasn’t improved. We paid $150,000 in taxes last year and I 100% would have spent that on remodeling the outdated house we bought last year (at 7%) if I could have. Spending is good for the economy. Let us spend. Let the Uber wealthy with their multiple homes and RE investors who are responsible for the raising prices pay more.

Do you understand this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Of course it's never a spending problem..it's always a tax problem.

I don’t think you understand the math. This is decades worth of rampant spending. There is no belt tightening that can make a difference. In fact many prominent economists say we are past the point where increasing taxes, even at exorbitant levels, can make a difference. From here on out it will be rapid quality of life decreases and asset transfers to gov. or…..war.

Wrong

Cut social security, cut medicare, cut medicaid. That goes 75% of the way towards attacking the problem. Those 3 alone are the vast majority of govt spending. Social security is a ponzi scam that has finally been exposed.

[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.

This.

Unless you are a hedge fund manager or a billionaire, this doesn't impact you.

And if you fall into one of these categories, then county your blessings for the opportunities this country has afforded you to make some serious money.

Hunter paid his taxes yet? Are hookers still deductible?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - ENJOY.

Higher taxes are INEVITABLE, as is forced purchase of treasuries. US has catastrophic debt level, particularly at the current interest rates.

UMC will be the first to bear the brunt. Middle class down the line.

Of course it's never a spending problem..it's always a tax problem.

I don’t think you understand the math. This is decades worth of rampant spending. There is no belt tightening that can make a difference. In fact many prominent economists say we are past the point where increasing taxes, even at exorbitant levels, can make a difference. From here on out it will be rapid quality of life decreases and asset transfers to gov. or…..war.

Wrong

Cut social security, cut medicare, cut medicaid. That goes 75% of the way towards attacking the problem. Those 3 alone are the vast majority of govt spending. Social security is a ponzi scam that has finally been exposed.

Oh yes, remove the safety net that distinguishes us from uncivilized nations, that will do it. Let’s let poor children and elderly die of hunger and preventable disease. That’s the ticket. /s

[Anonymous]

Not just capital gains taxes. He has vowed to let the Trump tax cuts expire.
That would mean a substantial increase in taxes for most middle income Americans.