All according to plan
We consider that a bug in the program. Biden's handlers consider that the goal.
Biden is the perfect Fall Guy with a perfect 50+ year track record.
Jug Ears said to never underestimate Joey’s ability to f*ck things up.
Biden picks the wrong side of everything. So, if this tax is a bad idea, it’s GUARANTEED Biden will sign it.
We are so screwed. Forget about Congress saving our butts. “Useless” doesn’t begin to describe the current crop of excrement.
I understand the outrage but this is Dead on Arrival. But when they propose such outrageous taxes, they are trying to force the other side to move to the middle which must fail!
I understand the outrage but this is Dead on Arrival. But when they propose such outrageous taxes, they are trying to force the other side to move to the middle which must fail!
Oh what wailing there will be when we men decide to just grab our fishing rods and disappear!
Biden (or rather his handlers) are doing a lot to crush the American economy.
“Russia To Seize $440 Million From JPMorgan”
https://www.zerohedge.com/markets/russia-seize-440-million-jpmorgan
“Seizing assets? Two can play at that game...
Just days after Washington voted to authorize the REPO Act - paving the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks - it appears Moscow has a plan of its own (let’s call it the REVERSE REPO Act) as a Russian court has ordered the seizure of $440 million from JPMorgan.”
It is all election year noise to get the low income voters. Stick it to the rich. This is why so many low income spout the dems are for the little guy non-sense.
Economic Advisor: "Mr. President, this proposed capital gains tax increase will likely crush the US economy."
Biden: "Huh? Wha? May I Mambo dogface through the banana patch?"
Obama nodding with a smile, thinks: "Yes...this may finally do the trick."
Besides, the Trump tax legislation expires soon. Then the individual tax code comes back in effect. The results will most likely be called "unexpected".
“...could crush the economy...”
Don’t be a dummy! Hasn’t THAT been Liberals’ primary agenda for decades?
Isn’t THAT what they have been making a concerted and deliberate effort to accomplish, all this time??
I’ve been rushing to convert non Roth retirement to Roth retirement ever since the rates were reduced by Trump. Even if nothing happens the rates go back up either next year or the year after, I can’t recall. I’ve been converting enough each year to just stay on under the next tax bracket. I’m about 80 percent Roth invested now. That will keep my retirement income taxes to a minimum.
If you are unequal and poor, stealing the income of others that seems not really earned is the way to go
To those who lack equality, profits and dividends earned on investments are totally unfair. Lacking any investments, such earnings are not possible for the unequal and areunfair. Fairness demands the unequal receive a part of the more equal’s income from invested capital.
The basic tribal clan is a communist entity
Next up...elimination of the one time $250m/$500k capital gains exclusion on your primary residence sale.
As I posted on a similar thread, I have a much better idea:
Let’s tax @ 100% any gain of income politicians make after taking office, unless that income is derived from producing a useful product or service, in which case the tax goes to 10% added to what they would already pay: Lawyers, lobbyists, etc., and basically anyone connected with politics, do NOT get this reduction. A lady who runs a regional bus company, serves in Congress for 2 terms, and then “retires” back to running her bus company, DOES get the deduction in taxation of her gain. There is no added tax on the person’s yearly income before they ran for office, and that portion of their income IS indexed to Federal inflation stats.
We are only taxing the gain.
(This will need some refinement - it is an initial proposal.)
It would devastate retirement incomes. Never mind that it isn’t their money to take to start with.
(From the article):" According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget
would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%.
A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early 1920s."
"Investment is the real driver of economic growth," E.J. Antoni, an economist and research fellow at The Heritage Foundation, told Fox News Digital.
"Investment is what gives you productivity gains. Investment is where you get factories and machines
— it's where businesses are able to provide their workers with tools and equipment that allow them to increase their productivity, to increase wages, etc."
""If you're going to tax something, you get less of it," he continued. "And that's just as true for investment as it is for anything else. (Emphasis Mine)
Taxing capital gains means less investment, it means less economic growth,
and it means the rise in people's standards of living is going to slow dramatically.""
"The Treasury Department's report states that the 44.6% rate is a combination of proposals, including increasing the top ordinary capital gains rate from 20% to 37%.
The bulk of the tax hikes impact Americans with taxable income greater than $1 million."
99% of Democrats are economic policy morons.