Basically 49% federal cap gains tax, and 25% on unrealized taxes. Almost complete transition to serfs. Vote MAGA. That’s what I’ll be doing. Capital gains tax should be abolished anyway, we have already been taxed 40% on the original principle. https://www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/
Forbes
That's anti-semitic
Lol true
How? That is where they’ll send all the tax money as a continued investment in war and violence.
It’s only if your taxable income is over a million and for gains over 400 grand. Stop rage baiting.
Even then it’s not justified
And? We all make a lot of $$$ here. Let’s be real. This impacts me significantly. And it impacts a lot of other people
How about section 174? It makes far more impact on the blind community afaik
At the corporate level and does indirectly impact us. But this capital gains impact is much more direct. It’s also easier to get folks to wear the red hats by telling them their taxes will increase by more than 20 percent
Certain folks, not the majority of them. But yeah overall agree.
Canada just did the same. It makes more sense to tax cap gains than income tbh. It's money earned on others hard work. Higher cap gains lower income tax.
As if that would happen. Tax rates will only ever increase because the govt is addicted to spending. I agree with you that income tax rates are crazy high already. At 37% income tax rate, I basically spend 150 days a year making money for someone else’s.
No it doesn't.
The highest income bracket was once 90%. Capital gains used to be 50% or higher. This was all during the so-called Golden Age of America. The people who have to pay these tax rates can afford these rates. Fuck the billionaire class.
The highest income bracket being doesn’t 90% doesn’t matter much if you look at the effective tax rate. For example if this proposal had a threshold or 10B in cap gains instead of 1M, I wouldn’t care as much. 1M impact probably 30% of the people. Remember a lot of older people are highly invested in assets that have inflated over time
Don't try to use war-time taxation to act like a 94% tax over $200k is normal. It's not.
Do you think you shouldn't have to pay your fair share or what? Idgi
I pay close to 50% in tax already. Then what little is left over I diligently invest, and now that’s supposed to be taxed at another 50%? Wtf
When the average American is making 40k annually and has 0 investments, yeah probably
Biden is doing all kinds of circus acts right now trying to sway voters at a failed presidency. Today he rolled out some new brainless rules on commercial airlines for passengers etc. that should have always existed to protect consumer rights. No one is buying these tricks.
He’s very likely to win again though. Just look around at your co workers. All extremely happy at the current state
LMAO nobody's happy with the current state. It's just our limited options suck ass
@transformco 90% income tax is post war: https://eml.berkeley.edu/~saez/course/Labortaxes/taxableincome/taxableincome_attach.pdf
The Forbes article isn’t bad, the blind post is extremely misleading. Always be cautious when somebody says “basically, politician x wants to ……”
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There are lots of single-issue voters. Sounds like you’re one of them.
What can be more important than $$?
Guns and pro-life come to mind. Plenty of people who vote based on either one of those. Climate change, immigration, foreign policy. The list goes on.