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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

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

FTFY

How utterly cruel, they want to hurt the average man with 3-4 properties earning over $1M/year! Poor guy, how are his great great great grandchildren going to survive?
[/quote]

No not per year, it’s likely just once, when they liquidated the asset. It’s not salary. So everything they worked for, and paid off is basically useless.  [b]If you have a mortgage that you’ve paid off then go to sell and pay almost 50% in tax then it doesn’t make sense numbers wise. [/b]The interest paid on the mortgage and the tax on gains plus the income from the rents make this a losing endeavor.  Why not just pass a law saying CEO’s have to be compensated in salary and cash bonuses and limit the stock they can get? Why go for a cash grab disguised as sticking it to the man. Be smarter.[/quote]

You don’t pay capital gains tax on the total amount you received, you pay only on the gain, which is the total minus everything you paid in and any improvements you did. [/quote]

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