Posted on 05/03/2024 10:37:38 AM PDT by knighthawk
If Joe Biden is successful in passing his massive capital gains tax rate hike, Americans in 11 states will next year be paying over 50 percent of some of the profits when they sell off their assets to the government.
The president's 2025 budget proposal includes increasing the top marginal rate on long-term capital gains dividends to 44.6 percent mark, which is the highest ever since the tax was implemented a century ago.
The current rate sits below 25 percent - so the increase represents a significant hike.
(Excerpt) Read more at dailymail.co.uk ...
I am flabbergasted my state is not in that group.
Three words: Sweet Home Alabama
Well they have to pay for all of that FOREIGN aid somehow.
Jimmah still has some pull. And is more popular.
Biden is the least popular president in 70 years — below even Nixon and Carter, scathing poll finds
Great graphic
There is also a 25% tax on unrealized gains. The question is how exactly is this going to be implemented. If the tax applies to gains from the original price then it will take four years to lose 100% of the profits if the value doesn’t go up. You can lose all of your profits despite the value of the instrument being above the original purchase price.
The first sentence in this article is poorly written. “...next year be paying over 50 percent of some of the profits when they sell off their assets to the government.”
It should read “...paying over 50 percent of some of the profits TO THE GOVERNMENT when they sell off their assets.”
The sentence as written says it applies when they sell off their assets to the government.
Surprisingly, red Idaho is among them. But blue Washington is not.
The same gain would be taxed only once, not every year from now on lol.
I am also flabbergasted that your state is not in that group.
Yeah that’s kind of crazy huh? Almost as crazy as being taxed on money you don’t even have yet.
Don’t care except for iowa and Nebraska. I find it odd those two states are included. The rest deserve it.
Thank you.
It will be bad enough in every state.
Washington doesn’t have a state income tax. Washington makes up for it with local taxation. If this passes everyone will pay at least 44% and the states with state capital gains taxes will pay more. This is more centralizing of the tax base. It will kill off investing except for retirement accounts and the very rich. The risk won’t be viable for non-multi-millionaires under $10mm in net worth. 99% of the country will be cut out.
Unbelievable how evil our gov’t has become and how stupid voters are. Even to propose this?? And after doubling IRS agents, the same jokers get re-election.
My damn state is independently going to raise new taxes on sales of homes, excise taxes on cars, etc.
These people suck.
Dang it, I was considering both Kansas and Nebraska as retirement locations. Both are off the books now.
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