Just when you thought he couldn't get any better. High inflation demands high taxes. Gotta pay Ukraine their fair share.
Taxes, Taxes, Taxes - Biden Raising Long Term Capital Gains Tax
- Thread starter fatpiggy
- Start date
Pretty sure I read this only affects those whose income is $1 million a year or more, no?
It's not just capital gains. They also want to increase the Medicare tax on hardworking families and eliminate 1031 exchanges in real estate. Throw in a regular income tax increase on hardworking Americans to boot.
It's un-American to want to take so much from people who bust their ass to earn it.
It's un-American to want to take so much from people who bust their ass to earn it.
Why should it matter?
And if we're really targeting "wall street billionaires" like the left likes to say, that threshold should be much, much higher.
First, there is a difference between capital gains and income.
I understand that but the point remains - I said income and that's what I meant to say.
It's an increase on those who make more than $1mm/year in income and $400k/year on investment income.
edit: it's also marginal, so it would only affect each dollar earned over the threshold.
Go Biden
Love his short term plan to end all human life in earth and make earth green for every non human creature
Mothers and fathers kiss your babies goodbye
We are living in the final days before the Apocalypse ends it all
Democrats and Biden are truly the answer to the question no one wanted answered
actually I think of capital gains as income but taxed at a different rate and handled differently due to the nature in which value and wealth is created
So given the choice between Biden and Trump whom I think I have seen you write you cannot vote for
Who do you want steering the ship
Tax Maniac Biden or Free Market Low Taxes Trump
Pick your poison
Come on guys Ukraine needs your money.
If they’re gonna keep decimating our biggest rival of the last 75 years and exposing the glaring difference between eastern and western militaries…yeah keep the money train rolling.
Eliminating 1031s will cripple CRE markets and bring them to a standstill. Upping L/T cap gains to 44% will slow the flow of money in capital markets massively. Both are horrendous ideas.
Once again, it’s two separate proposals that will only affect persons earning more than $1mm/year in income and over $400k/year in investment income. Furthermore, it’s a bargaining point that they will undoubtedly come down from.
EXACTLY!! I don't really give a shit about Ukraine one way or the other. They are a LOT more like Russians than Americans for sure, and I can't imagine that they love the USA. But Russia is an enemy nation. You can tell b/c they have literally thousands of nukes aimed at us as we do them.
No Americans are being killed and every day that Russia can't finish off a small country that they LITERALLY share a border with, is a black eye for them.
Can you imagine what would happen if the US invaded Mexico with China and Russia shipping them conventional weapons? Would we still be fighting that fight two years later? Hardly... The US Military would be enjoying Taco Tuesday in Mexico City in a couple of weeks (less if they were offering 2 for 1 Margaritas).
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1.5MM internally displaced and 20,000 civilian deaths in Gaza = “The genocide must stop!”
6.5MM global refugees and 50,000 (likely much higher) civilian deaths in Ukraine = “Fvck Yeah!”
6.5MM global refugees and 50,000 (likely much higher) civilian deaths in Ukraine = “Fvck Yeah!”
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Perhaps I have missed it, but they haven’t been clear on the graduated approach to capital gains increase. Depending on how implemented, I could be massively affected.
And Biden’s abject hate for those making more than $400K is apparent. Not only an income tax increase, but a Medicare surcharge as well? Come on man.
How about we, um, reduce our ridiculous spending?
These two situations are not remotely similar, but you do you king.
It's in there - page 80. "A separate proposal would first raise the top ordinary rate to 39.6 (2% increase over current) percent (43.4 percent including the net investment income tax). An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000, bringing the marginal net investment income tax rate to 5 percent for investment income above the $400,000 threshold. Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent."
If you follow Jamie Diamon of JP Morgan he is confused as to how the US economy has not collapsed but believes the excessive deficit and Covid spending is the prop which is going to run out causing a huge recession or depression in front of the Presidential election or shortly after
Elect Biden do you can live to see the END OF DAYS IN YOUR LIFETIME
This is one point whether for the right reason or wrong reason I am all onboard with bleeding out the USSR by attrition similar with them in Afghanistan and now Ukraine
Haven’t heard Dimon say that. I’ve heard David Kelly express concern over the debt consistently. Haven’t heard either call for depression.
Cap gains are how you get ahead. These folks should be banished from America for giving everything to everyone else, while taking it from hard working Americans.
Israel - dumping all over an inferior enemy (and has been for a long, long time) with superior weaponry and technology (that we supply them with.)
Ukraine - Has been under attack by a country with a superior military and economy for the last ~2 years (not counting the 2014 unlawful invasion/annexation) and is only surviving thanks to weaponry and technology that the west supplies them with.
In one war, we're supplying the underdog who's being relentlessly invaded by a superior force. In the other war, we're supplying the bully who's committing war crimes on a near weekly basis.
These things are not the same.
I’m still trying to figure out how everyone leaves out the 10/7 thousands of people killed part. You know.. the instigation.
Top marginal rate on long term gains now is 28.6%. For someone making $400,000, it’s like 20ish% plus or minus depending on state/filing status. So - if I’m understanding this correctly - we’re proposing effectively taxing l/t and s/t gains equally?
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I'm not absolving Hamas of their crimes at all. This is far from a black/white situation. The 10/7 attack was horrible and a swift response was necessary. The war crimes being committed since then, however, are squarely on Israel's shoulders. Bombing aid workers, killing reporters, indiscriminate killing of civilians...these are all things that have no business occurring with such frequency. Especially as it pertains to a world power with as much technology/weaponry as any other first world nation going up against a people that don't even have running water/electricity.
Yes. The first proposal is to raise the capital gains tax to 37% for those who earn over $1mm/year in income. The second proposal - which the 44.6% number comes from - would only apply to those individuals with taxable income above $1 million and investment income above $400,000.
It's essentially a 9% LTCG increase on those making >$1mm/year.
Hamas should maybe stop hiding behind innocent civilians.
Maybe this should be acknowledged.
I mean, you’re fvcking kidding right? That is absolutely absurd for investment income.
I’m pulling more of my options out this month to hedge against this lunacy.
Right. Don’t swing on the dude with cauliflower ears, knuckle tats, and a bulge at the small of his back minding his own business and then get bent when you get your shit pushed in.
Every day you go to the grocery store should remind you of that.
This is the first time I have read something intelligent that you have posted. Congratulations.
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