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%.
Write offs
Write offs
Write offs
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.
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?
Every huge shareholder in America is going to consider selling this year and locking in profits at this year's rates.
Got to keep his Negros paid!
Got to keep his Negros paid!
Yep
Gots to find a way to pay for the crackheads in Detroit and the welfare queens of Chicago.
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.
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.
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
(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.
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...
If he's going to do that he should also increase the loss deduction from $3K a year to $300K or more.
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.
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.
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.
Wow, you all make a million dollars a year in capital gains?
Based on Net Income and as per usual not indexed for inflation. Inflation is where this will ensnare the upper middle class in time.
Wow, you all make a million dollars a year in capital gains?
I already know you are not very bright so I'll type slowly. First, its a million dollars in income. So, if you make that and put some of it in the market, by the time you pay your state taxes, you only get to keep half your gains. What's the point of taking risks when you only get to write off 3k of losses a year? Not much. So they sell and take all the "working people's" 401k's down.
Wow, you all make a million dollars a year in capital gains?
So you believe everything you hear from a geriatric pedophile who publicly admitted “they”have the biggest election fraud ring in history? Go fugk yourself
LMAO
In all honesty, this will go exactly the same place as his plans last month to do away with the stepped up basis for inherited property. It'll disappear in a couple of weeks. Nothing but playing to his base, and trying to distract the rest of us from the crap they are really trying to pull.
Wow, you all make a million dollars a year in capital gains?
You've had one to many cocks shoved in your ear........
Wow, you all make a million dollars a year in capital gains?
Wow, you were one of the ones that got all excited about that “huge” $1,400 stimulus check?! LMAO!
Broke dick liberal....
Wow, you all make a million dollars a year in capital gains?
You've had one to many cocks shoved in your ear........
[bleep] needs an ice pick shoved in his ear.
Based on Net Income and as per usual not indexed for inflation. Inflation is where this will ensnare the upper middle class in time.
It'll ensnare them a lot sooner than that.
If you raise the capital gains tax on "rich people," and thus devalue stocks as an asset, the value of the stocks will go down. That includes the value of your 401(k). Also pension funds will be in a world of hurt.
Liberal policies have never worked and never will.
The plan is to destroy all of the American economy.
The idiots that voted for this think they will be safe but their pensions will go as soon as the 401Ks.
Hard assets. Why else would Bill Gates own do much farmland?
BLM and antifa think they will have a place at the table but they wiil be victims of the new Stazi/ gestapo too.
History repeats
If things "progress" as they might under jo & the ho . . . my plan to completely run out of money about 5 minutes before I die may become reality rather than a flippant thought.
They think that your money is theirs.
Wow, you all make a million dollars a year in capital gains?
I already know you are not very bright so I'll type slowly. First, its a million dollars in income. So, if you make that and put some of it in the market, by the time you pay your state taxes, you only get to keep half your gains. What's the point of taking risks when you only get to write off 3k of losses a year? Not much. So they sell and take all the "working people's" 401k's down.
Oh. Wow, you all make a million dollars a year!
Wow, you all make a million dollars a year in capital gains?
So you believe everything you hear from a geriatric pedophile who publicly admitted “they”have the biggest election fraud ring in history? Go fugk yourself
LMAO
I didn't know Jake Blues was a geriatric pedophile
Wow, you all make a million dollars a year in capital gains?
You've had one to many cocks shoved in your ear........
[bleep] needs an ice pick shoved in his ear.
Love you too JackOffMountain
Wow, you all make a million dollars a year in capital gains?
You've had one to many cocks shoved in your ear........
There you go with your little fantasies again
Wow, you all make a million dollars a year in capital gains?
Wow, you were one of the ones that got all excited about that “huge” $1,400 stimulus check?! LMAO!
Broke dick liberal....
$1400 stimulus check? Still waiting on the first one.
What will the tax treatment be on illegal kickbacks from a drugged up pedophile son's dealings?
Wow, you all make a million dollars a year in capital gains?
Wow, you were one of the ones that got all excited about that “huge” $1,400 stimulus check?! LMAO!
Broke dick liberal....
$1400 stimulus check? Still waiting on the first one.
You ignorant fugk. You come on this board. NOBODY cares whether you live or die. You've made ZERO friends here. You blovulate commie schit, which is completely polar to what 99.9% of people who come here believe.
Yet, you persist in proving your stupidity on a daily basis. Why?
And why don't you just Fugk Off and play with your like-minded destroyers of our Constitution over on DU or some other rat hole?
In other words, just die, muther'[bleep].
Wow, you all make a million dollars a year in capital gains?
if you are a farmer and you sell a small piece of land to fund fund your retirement , you most likely will...........dumbass......
Wow, you all make a million dollars a year in capital gains?
If you make 1 cent in capital gaines you will have to pay the tax no matter what your income is.
Wow, you all make a million dollars a year in capital gains?
Wow, you were one of the ones that got all excited about that “huge” $1,400 stimulus check?! LMAO!
Broke dick liberal....
$1400 stimulus check? Still waiting on the first one.
You ignorant fugk. You come on this board.
NOBODY cares whether you live or die. In other words, just die, muther'[bleep].
Not nobody. I care. Dead people are quiet. Just gotta figure out how to stop them from voting.
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...
That "fair share" statement is one of my favorite commie metaphors.
I've often heard college-age kids talk about this. I always want to ask them WTF they're doing to help themselves.
They conveniently leave out the part about working your ass off for 50 years to build something out of nothing.
during my lifetime i have seen that doing things the right way is quickly becoming synonymous with "sucker". rewarding laziness and mediocre performance is replacing meritocracy. the past year we have taken a giant step in that direction.