Skip to comments.Capital Gains Rate Could Jump 119% Under Gang Of Six
Posted on 07/20/2011 4:15:35 PM PDT by Slyscribe
The key to the Senate Gang of Six deficit-cutting grand bargain is the combination of higher tax revenue with lower tax rates.
The former makes Democrats swoon and Republicans are sweet on the latter.
The first date was a hit, with a surprising number of senators declaring their everlasting love and President Obama giving it his blessing on Tuesday. But just how much do the two sides know about their partner?
(Excerpt) Read more at investors.com ...
Lock and load!
How can you have a 119% tax rate?.......
LOL! That’s a direct attack against developing real estate—like shooting themselves in their feet.
Starve the beast.
The key to the Senate Gang of Six... grand bargain is the combination of higher tax revenue...
So, isn’t this an end-run around the constitution? All bills for raising revenue are to originate in the House. Call your congressman!
The capital gains rate is currently 20%. Increasing it by 119% means it would then be 43.8%
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You can't however you can have an increase of 119% from existing taxes.
EVERYBODY will love this deal... EXCEPT for the taxpayers.
Tax INCREASE along with RAISING the debt ceiling.
Call it what it is... SMOKE & MIRRORS.
The Repubies involved with this piece of crap should be primaried with extreme prejudice the next time around.
This is bullsh1t!!
Nov. 2012 cannot come too soon.. to get rid of some of the gang of six or seven sycophants..
The Tpcaucus is still growing strongly..
Now a Business or Stocks will become stagnant because of high capital gains rates as people will never sell and pay the high tax.
Any wonder why the stock market was below 1,000 on the Dow before Reagan.
Capital gains taxes would go from 15% now to 32.8% with this hideous deal. Call your reps and demand no tax hikes and real spending cuts. More money flowing into D.C. will mean no incentive to cut spending.
Call Boehner’s, Cantor’s, and Chambliss’ offices...I did and left very supportive and angry (Chambliss’) messages...their staff listen well and take notes.
They predict increases in revenue on static data. There will be NO increase!!
Raise taxes without benefit to the payer is a disaster. At least Bill Clinton SAID, “The era of big government is over.” If you are in the productive/achiever realm, this meant ‘full steam ahead’. Obama means ‘death spiral’.
Since this article is about percentages. Lets play.. : )
Capital gains has been lowered to a point where those who sit in front of a keyboard, on Etrade pay less of a percentage in tax then a full time (would you like fries with that) McDonald’s employee.
So either have the investor class pay as much of a percentage of their income as that Mcdonald’s employee or lower the taxes of the McDonald’s employee to be the current tax rate of capital gains.
Apples and oranges. Capital gains and earned income are completely different and should be treated differently.
Secondly, your example is incorrect, a mcdonalds burger flipper is likely taxed at 10% or 15%, and a slew of deductions are applied to their earnings. I am sure many of these folks fit into the 47 percent not paying any income tax.