Posted on May 8, 2021
bidens_capital_gains_tax_heads_we_win_tails_you_lose.html
617
10
16
3
3
0
43.8%
"Worked hard all My lifetime...", and paid My taxes on every penny of it already, now He wants more.
TSgt David L., SPC Randy Zimmerman,
SGT James Murphy, CPT Jack Durish,
PO3 Bob McCord, COL Mikel J. Burroughs,
SPC Gary Welch, SGT Mark Anderson,
CPL Douglas Chrysler, Maj Marty Hogan,
1SG Steven Imerman, SMSgt David A Asbury,
MSgt Robert "Rock" Aldi, MSgt David Hoffman,
SSG Michael Noll, MAJ Dale E. Wilson, Ph.D.
SGM Erik Marquez, CW3 Harvey K.
"Worked hard all My lifetime...", and paid My taxes on every penny of it already, now He wants more.
TSgt David L., SPC Randy Zimmerman,
SGT James Murphy, CPT Jack Durish,
PO3 Bob McCord, COL Mikel J. Burroughs,
SPC Gary Welch, SGT Mark Anderson,
CPL Douglas Chrysler, Maj Marty Hogan,
1SG Steven Imerman, SMSgt David A Asbury,
MSgt Robert "Rock" Aldi, MSgt David Hoffman,
SSG Michael Noll, MAJ Dale E. Wilson, Ph.D.
SGM Erik Marquez, CW3 Harvey K.
bidens_capital_gains_tax_heads_we_win_tails_you_lose.html
Posted from realclearpolitics.com
Joe Biden
Congress
Taxes
Economics
Posted >1 y ago
Responses: 2
2
2
0
From the WSJ:
"The Biden plan would increase the top capital-gains tax rate to 43.4% from 23.8% for those earning over $1 million. Capital gains refer to profits on the sale of assets like stocks, homes or small businesses.
Of taxpayers who filed Schedule D, the form for reporting capital gains and losses, only 2.7% had adjusted gross income of $1 million or more in 2018, according to Mr. McClelland’s analysis of Internal Revenue Service data. However, that group of taxpayers accounted for 62% of capital gains, Mr. McClelland said."
This will not affect the majority.
If the investor is living off their capital gains, that is income IMO. Pay the taxes.
"The Biden plan would increase the top capital-gains tax rate to 43.4% from 23.8% for those earning over $1 million. Capital gains refer to profits on the sale of assets like stocks, homes or small businesses.
Of taxpayers who filed Schedule D, the form for reporting capital gains and losses, only 2.7% had adjusted gross income of $1 million or more in 2018, according to Mr. McClelland’s analysis of Internal Revenue Service data. However, that group of taxpayers accounted for 62% of capital gains, Mr. McClelland said."
This will not affect the majority.
If the investor is living off their capital gains, that is income IMO. Pay the taxes.
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Cpl Vic Burk
MSG Stan Hutchison - Well, you can't trust a politician to keep their word especially when it comes to taxes.
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Cpl Vic Burk
MSG Stan Hutchison - These days voting for many has become voting for the lesser of two evils than the candidate themselves.
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MSG Stan Hutchison
Cpl Vic Burk - And that is often because of lack of voter participation in primaries.
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Redistribution of wealth: Thievery with a middle man ( the current administration) coupled with unimaginable debt for our children & grandchildren footing the bill. When will they finally learn the lesson there is no such thing as a free lunch?
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SPC Terry Page
MSG Stan Hutchison - re. "Tell that to those making more than $1 million a year off Capital gains and not paying taxes on it."
I imagine there are more than a few reasons someone might be able to do that legally and fairly. I think it would depend on the circumstances for each taxpayer (e.g. Did they have offsetting losses from earlier periods?). Each case is unique. As long as they doing things in accordance with the tax code the amount they gain in a year is a meaningless number until we understand the deductions or other factors contributing to the gain.
I imagine there are more than a few reasons someone might be able to do that legally and fairly. I think it would depend on the circumstances for each taxpayer (e.g. Did they have offsetting losses from earlier periods?). Each case is unique. As long as they doing things in accordance with the tax code the amount they gain in a year is a meaningless number until we understand the deductions or other factors contributing to the gain.
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SPC Terry Page
I support a simplified tax code too; one that doesn't take a rocket-scientist and the services of accountant to figure out. A well-designed and executed system based on a single flat-rate. A magic-number percentage applied to virtually everyone (skin in the game concept) from the paperboy to the wealthiest among us. The FEDERAL government need to get out of the redistribution business... it is not their core-competency.
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