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I have heard that the Dems do not like wealth being passed down because not everyone has something to pass on such as property or a big bank account. I'm surprised the he didn't slap a racist label on this idea, saying that it is largely white people that benefit... blah blah blah
Realize that this will hit retired folks that live off investments which is almost all retired people of all income levels.
The rich, the real rich, will just move their money somewhere else.
This is a very bad move.
Exactly.
Large Multinational Corporations also often don't pay much tax.
All this would do is place a further burden on the middle class, who are mainly those decent folk who are the backbone of the US and other countries and who strive to work hard, buy a house, raise a family and save whatever money they can.
Large Multinational Corporations also often don't pay much tax.
All this would do is place a further burden on the middle class, who are mainly those decent folk who are the backbone of the US and other countries and who strive to work hard, buy a house, raise a family and save whatever money they can.
Large corporations don't pay any taxes. The buyers of the product pay them as they're baked into the price of the product.
Top capital gains and dividends tax rate of 44.6%. Also he is proposing a "death tax". Biden’s proposed capital gains tax hike will also hit many families when parents pass away. Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — a forced realization event.
I believe the MAXIMUM capital gains tax should never exceed a persons regular tax rate for short term capital gains and a reduced rate for long term capital gains.
Realize that this will hit retired folks that live off investments which is almost all retired people of all income levels.
The rich, the real rich, will just move their money somewhere else.
This is a very bad move.
If their money is known, how do they just move it, without being noticed and attached? New money they make of course, but not what they already have, unless they fake losses.
If their money is known, how do they just move it, without being noticed and attached? New money they make of course, but not what they already have, unless they fake losses.
Just take all your gains and losses before the enactment date.
Move your money to greener pastures
The thing izzzz ... if you are not paying at least reasonable taxes on your income while we ( people/gov/country ) are going further into debt, your wealth accumulation is funded by that debt. Any time we run a deficit and increase the debt it because someone didn't pay enough taxes to balance the budget. That accumulated wealth should go against the debt. There is no other option.
Top capital gains and dividends tax rate of 44.6%. Also he is proposing a "death tax". Biden’s proposed capital gains tax hike will also hit many families when parents pass away. Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — a forced realization event.
I believe the MAXIMUM capital gains tax should never exceed a persons regular tax rate for short term capital gains and a reduced rate for long term capital gains.
Doesn’t strike me as illogical to require heirs to pay taxes on inherited assets using the deceased’s original basis vs. a stepped-up basis at the deceased’s time of death. If the deceased had sold the asset in his/her lifetime, they’d pay taxes based on the purchase price. Not sure why death should negate/eliminate/significantly reduce the tax consequence.
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