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From Forbes: "the 44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000. That isn’t quite as cataclysmic a policy shift as referring to a blanket 44.6% long-term capital gains rate would suggest.
Is anyone here in that category? I know I'm not!
No, but your landlord or employer might be affected.
I just do not comprehend the attitude where laws which unfairly punish or flat out steal money from other people are acceptable as long as it's your neighbor being targeted. But then, this was the mindset in 1930s Germany too.
No kidding. Morons think that punishing other people for investing in things, will not affect them. These people want to punish people who want to make an investment into something of value. People want to invest their hard earned money to create a nest egg, either in case of hard times, or a family emergency, or simply to not be destitute after they retire.
If the morons like Biden win out, then no one will want to invest money in anything of value, because the government will tax them for doing that.
If government punishes wealthy people for investing their money into the economy, then they will just stick it in an overseas bank, and US entrepreneurs trying to start businesses, will decline.
One of the reasons why the US is a wealthy nation, is because anyone can become successful if they have a good idea, or a marketable talent. Our nation is full of wealthy entrepreneurs who were either born poor, or were raised in a modest family income. These entrepreneurs do not have money, they need wealthy investors to loan them money, or take the risk to invest in their ideas.
Biden wants to prevent the next Microsoft, Apple Inc or Ben and Jerry's ice cream. No one will want to invest to try and create booming entrepreneurial startups, if government will take away their investment dollars.
So who wins? Today's big corporations win, it will be impossible for entrepreneurs with better ideas to challenge them.
The fascistic coroptocrats in government always do this crap. They coordinate with their crony big business donors, to design laws, regulations and tax codes, which punish their competition, to maintain or grow their market share.
Not many HOWEVER it is quite possible the rate for any income will be increased; they just aren't mentioning that at the moment.
This is the kind of thing the Dem cheerleaders never think about. They have a 'one issue' mind. They never look forward, they just focus on the words being spoken right now.
"Yeah! Tax the rich! Hahahaha!"
A few years later...
"Bail us out! This is 'predatory', and it's all the Republicans' fault!"
Point being today the unrealized tax is for millionaires but tomorrow it could be anyone holding stock. Once they have their foot in the door with a particular kind of tax they can expand or change it. These unrealized gains tax will wind up being a lower rate 'property tax' for everyone(how dare you own something).
Just like.this capital gains increase. It may not wind up 44% but there will be an increase again winding up affecting everyone.
It doesn’t happen. The Federal Estate Tax exemption is currently about $14 million. I believe without further legislation that amount will revert to $7 million in 2026 (I think). So, unless someone is left an estate of more than $14 million now, they owe $0 in Federal Estate taxes. The idea that moderate income people (or people of modest net worth) are potential victims of the Federal Estate tax is not a legitimate concern.
but the left wants no exemption, for nobody.
the evil left, wants everything, you are nobody, you deserve nothing, only the party shall prevail.
From Forbes: "the 44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000. That isn’t quite as cataclysmic a policy shift as referring to a blanket 44.6% long-term capital gains rate would suggest.
Is anyone here in that category? I know I'm not!
hmmm.. investment income (ie 401k) over 400k..... and to MAINTAIN a middleclass life style you MUST have a 401k worth at least 1.5m....
so what we have here is the left screwing the middleclass....AGAIN
move along, nothing to see here...... jackboot leftists
Biden lies... PROVEN by this.... "he will not tax anyone over 400k"...... YET.... "No I will NOT renew the Ryan tax cuts for the poor and middleclass"
everything a democrat/liberal politician EVER SAYS is a lie, proven time and time again.
the liberals hate the middleclass, have been trying to eliminate them since the early 70's
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