President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%, Bloomberg News reported Thursday. Combined with an existing surtax on investment income, Bloomberg said, that means federal tax rates for investors could be as high as 43.4%. Bloomberg cited people familiar with the proposal, and said the plan would boost the capital gains rate to 39.6% for those earning $1 million or more. The president is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming "American Families Plan," Bloomberg said. https://www.marketwatch.com/story/biden-to-propose-nearly-doubling-capital-gains-tax-for-wealthy-report-2021-04-22 Thoughts? Opinions? #elections #uspolitics #politics
If anything, income tax should be less than capital gains tax. I welcome this.
There’s very good rationale for cap gain tax to be lower. Tax is also a form of incentive. You tax less on something you want more of. By having lower tax on cap gains, you are encouraging investments and entrepreneurship, which is the right way to go. In my first startup, the founders gave up director/vp jobs at amazon to found their own startup mainly because capital gains tax is lower than income tax. As government, it should encourage more of this.
Sure, but it’s proposed to only affect those over 1m. I can’t imagine anyone thinking to themselves that they want to start a company and would do so if their capital gains over 1m was taxed at 20% instead of 40%. Most people in startups will never plan on selling 1m in stock every year.
If anyone assumes that it is going to be for only those earning >1M for rest of your life, unfortunately you are too naive. This is a quick way to cover up bad governance and exorbitant spending instead of bringing accountability in government spending.
That's nice but we still have trillion dollar corps paying peanuts thanks to loopholes. Individual earners should not be paying a higher effective rate than these massive, highly profitable organizations.
Corporate taxes don't really work and are kind of dumb. They should probably be eliminated entirely. If you want to tax rich people go at them directly https://www.washingtonpost.com/opinions/republicans-want-to-cut-the-corporate-tax-rate-how-about-we-eliminate-it/2017/11/15/758331fe-c956-11e7-aa96-54417592cf72_story.html
So basically, don’t sell any stocks until the next republican government repeals this. Use security based lending to access liquidity instead.
Why in God's name would we ever have another republican president again?
Democrats are fickle voters, going to lose the Senate next year for another decade at least.
This is my surprised face 😌
Like all taxes, when this doesn’t get enough revenue, they will lower the income threshold all the way down to 250k or even 100k in a few years
Have to raise taxes on wealthy in order to address income equality since big business wants no part of organized labor. Stocks and other financial instruments should also be taxed as part of property tax just like housing/vehicles which are property most common people own.
So you wanna be paying taxes on your car now..?
Luxury cars probably should have property tax yes. Anything under 60k shouldn't be or something like that.
Good
Added a poll
I am pretty sure that for those of you voted for Democrats, this is what you wanted to see.
Well yeah. Billionaires are quite literally causing the poverty line in America.
They are also quite literally the only reason people have a job to go to in the first place