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Planning on pushing them up to about 40%. Of course, that's only on rich people you know. That's gonna do wonders for the stock market this year if they keep that talk up. Stocks erased earlier gains to trade sharply lower after Bloomberg report Thursday afternoon that President Joe Biden would propose increasing the corporate tax rate on wealthy individuals.
The Dow dropped 250 points, or 0.7%, following the report, after trading just slightly lower earlier. The S&P 500 and Nasdaq erased gains to trade at session lows.
Biden's plan would involve increasing the capital gains tax rate on the wealthy to 39.6%, according to the report from Bloomberg citing people familiar with the matter. This would apply to those earning at least $1 million. The current base capital gains tax rate is 20%.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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Campfire Outfitter
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Write offs
Write offs
Write offs
FUGK CCP
It’s time to WAKE UP
GOD BLESS THE USA
WWG1WGA
THERE ARE NO COINCIDENCES
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Nothing helps the market more than talking about taxing the Hell out of the biggest shareholders in America when the market is at or near all time highs.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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Joined: Jan 2002
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Imagine, if you will, a country where you work all your life, bust your buns, and build up a nice business. You then sell the business, which has become your retirement nest egg, but first the Federal government takes 40%, and the state, on average, another 5%.
And then you die, and the government takes 52%, again, before it gets to your heirs.....
Imagine, if you will, how many people will just say: "fugg it", and go on the dole instead?
Sic Semper Tyrannis
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Every huge shareholder in America is going to consider selling this year and locking in profits at this year's rates.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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Campfire Ranger
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Campfire Ranger
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Got to keep his Negros paid!
"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man."
Thomas Jefferson
GeoW, The "Unwoke" ...Let's go Brandon!
"A Well Regulated Militia" Life Member
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Campfire Savant
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Got to keep his Negros paid! Yep
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Campfire Tracker
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Gots to find a way to pay for the crackheads in Detroit and the welfare queens of Chicago.
You get out of life what you are willing to accept. If you ain't happy, do something about it!
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The trouble with senility is, you forget that you were stupid 25 years ago and haven’t gotten any better.
I’ll bet his handlers took an ass chewing for letting him say that out loud while playing with a mic.
I have some stock that should have hit my flip price today were it not for that mealy mouthed vegetable.
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Imagine, if you will, a country where you work all your life, bust your buns, and build up a nice business. You then sell the business, which has become your retirement nest egg, but first the Federal government takes 40%, and the state, on average, another 5%.
And then you die, and the government takes 52%, again, before it gets to your heirs.....
Imagine, if you will, how many people will just say: "fugg it", and go on the dole instead? Thats the democrap way of doing things, make everyone a dependent of the government and therefore easier to control.
NRA Endowment Member
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What is the "corporate tax rate on wealthy individuals" mentioned in the article? Sounds as if the article was written by someone with little knowledge of taxes
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(Bloomberg) -- President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.
For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.
A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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Now we get to hear Provda tell everyone tonight that rich people need to pay their "fair share" and how it won't impact anyone making less than $1 million even though those "rich people" will be selling shares of investments in your retirement. But no effect on normal folks...
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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Campfire Tracker
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If he's going to do that he should also increase the loss deduction from $3K a year to $300K or more.
Quando omni flunkus moritati
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I think if it had the slightest chance of passing the market would have been down a few thousand points today instead of what it was.
"Men must be governed by God or they will be ruled by tyrants". --- William Penn
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You're assuming they won't cheat or bribe or extort or kill the fillabuster etc to get it passed. They have proven repeatedly that ethics or the law is no barrier to the agenda.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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No, they would do all that. I'm assuming that all those Democommie politicians that Wall Street bought and paid for this past cycle will be getting some phone calls and that Resident Biden will be suffering some "defections" from his side of the aisle. Chances are that they will raise the capital gains back to somewhere in the neighborhood of where Obama had it.
Needless to say, a 40 percent cap gains rate is not "priced in" and would cause quite a drop if they actually did it.
"Men must be governed by God or they will be ruled by tyrants". --- William Penn
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Wow, you all make a million dollars a year in capital gains?
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Campfire Tracker
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Based on Net Income and as per usual not indexed for inflation. Inflation is where this will ensnare the upper middle class in time.
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