Posted on 04/25/2024 10:44:48 AM PDT by backpacker_c
The proposal, released last month, notes that the administration wants to increase the top marginal rate on long-term capital gains dividends up to 44.6 percent, which would make the tax rate exceed 50 percent in states like California, New Jersey, New York and others.
Two separate proposals would need to pass in the final 2025 budget for the 44.6 percent figure to come to fruition.
'Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death – a forced realization event.'
(Excerpt) Read more at dailymail.co.uk ...
“ Hire a good lawyer and set up trust funds for your kids.”. We do plan on seeing our estate planning lawyer.
People are gonna go Galt.
can we please stop with “raid on the rich” crap...the rich never suffer from taxes...the peasantry does....and increasingly that means most of us....
In communist states, the wealth inequality is even worse. In fact, the application of government creates and exacerbates inequality by letting the people currently in charge pick winners (themselves and their friends) and losers (everyone else).
Meanwhile they stoke envy to support this, lying that they’ll make people more equal with their untempered power. Never happens, never will.
Bend over and let them take your money for Zelinsky. He really needs your charity. Yeah Canada is doing something like this, moving taxable capital gains from 50% taxable, to 66%. It will really affect those that buy and sell real estate for gains. As for stock holders, many are in registered accounts anyways, and those are not taxable.
He can’t tax the rich more. There is a caviat there we’re not aware of. Maybe just Conservative owned businesses?
This has got to be hoax with loopholes for Democrats.
The USA did well without an income tax till 1913.
Aw hell kawhill, all your baby cows lived and so did their mommas, you even had one momma who gave you twins, a boy and a girl. When they try to take that away from me, what I have because I worked for it, I believe it’s time.
Biden has been seen recently, taking up playing the violin.
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.)
I am glad it is not 45%....
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