Menu
Sister Sites

  • Biden to propose capital gains tax as high as 43.4% for wealthy

Added at 1:09pm

Added at 1:14pm

Added at 1:21pm

  • Biden Eyeing Capital Gains Tax as High as 43.4% for Wealthy

    From news.bloombergtax.com

    President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, according to people familiar with the proposal. The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public. A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on ... (full story)

Go Biden go!
not likely, fake news?
That won't go over well.
You don't know because you don't ask.
Nasdaq has gone down, would it really affect nasdaq??? Or is it something else
I think Nasdaq is going to drop below 13000.
Bidden destroyed what Pawel achieved
he acting like Castro
Quoting k4kaleem
Nasdaq has gone down, would it really affect nasdaq??? Or is it something else
All indicies will drop as ths is a big hit for corporations. SP500, dow, nas all are dropping hard. Biden really putting a choke hold on wallstreet
Stocks price is not related to value, but to pure belief in fancy future.
I start thinking that Pawel pumped the price with daily good news and now Biden enabled take profit button for wallstreet big guys.
In another hand its just gossip like it was yesterday with Canada
Confucius: the man who broke the mountain was the same man who started ...
This is good news for corporate America that donated millions to the Democrats

KARMA !!!!!!!!!!
Buy buy buy..!
Bidden did not do anything yet, its just gossip !!!
Apple , Amazon, Google,Facebook,Twitter, etc .etc. Let the woke corporate American pay up!
Quoting gk111222333
Bidden did not do anything yet, its just gossip !!!
Sell the news - buy the facts then....
...because you never know - until you do!
Quoting fxx360
Apple , Amazon, Google,Facebook,Twitter, etc .etc. Let the woke corporate American pay up!
Dude wake up and smell the coffee (before they tax that too!)

COMPANIES aren't paying capital gains it's the retail traders, like me and others here. This SUCKS bigly
...because you never know - until you do!
Heres just the Income disparity growth.. can you imaging the Capital Gains due to asset inflation????
(Cant find chart)*
TrickleDown Economics .... My Arse.

Attached Image

Weve personally prospered.. but how can anyone be happy with this kind of society this chart describes.. or think it will survive ?
Were better in Europe esp in Denmark and Scandi countries, WTF would anyone want to bring up their kids and GrandKids in such a screwed up system??

*Heres an old one...imagine where it is now???

Attached Image



And wonder how our respected member from Bolivia, @betokr (post#7) a country of 10 million. with 65 percent of the population resides in poverty, and “nearly 40 percent” of the population in extreme poverty. who thinks Biden is a Castro communist for introducing this proposal, has audacity to post that stuff here. Not impressed Man.
Warning: A Dangerous Subversive: 1% of comments CoCed
Don't be naive everyone! The big corporations and rich were already evading tax by coming up with cooked up schemes and moving abroad. They didn't pay the tax at the current rate and they are not going to pay it in higher rate! But markets will take a hit as a result. ENTER BEAR MARKET!
Quoting RossEdwards
Heres just the Income disparity growth.. can you imaging the Capital Gains due to asset inflation???? (Cant find chart)* TrickleDown Economics .... My Arse. {image}
I am not sure if that analysis would pass the pub test.

Anyway, with the graph, two things that beginners struggle with.

Put each line in percentage terms, with each one starting from a common base of say 100.
Quoting Forex.RayV1
Don't be naive everyone! The big corporations and rich were already evading tax by coming up with cooked up schemes and moving abroad. They didn't pay the tax at the current rate and they are not going to pay it in higher rate! But markets will take a hit as a result. ENTER BEAR MARKET!
What is even funnier is that it is proposed in advance. Plenty of time for switched on folks to make the necessary arrangements and to put affairs in order.

I recall quite some years ago a measure of similar import was introduced in Australia in the budget speech. It was effective immediately. No advance warning or even any rumours beforehand.
Kind of Like this idea. Amazon, Goggle, Facebook, Twitter all those Capital gains made by Wealthy Owners should bring in Billions to US Treasury.
Uncle Sam needs you.

When it comes to Socialism, Go Big or Go Home.
Keep up the Morale building Uncle Joe.
Absolutely unfair unless the same rate applies to the bottom 10% of wage earners as well!
Too low, I would go 50% or more. The wealth gap in US is in a very bad shape. Go check FB filings, Zuckerberg is selling 100s million dollars of his shares every single week. Why not he pays back half of it? All these asset bubbles are because of the fed to begin with. Time to pay back. Hopefully it brings down the asset prices. I see lots of poor people struggle. It’s the time to make Fed income tax below 5% for incomes below $100k per year and charge gain tax. Supportive of that.
The rich always find a way to keep their money. That's why they are rich. And the middle class always ends up paying the higher tax!

Another fine piece of demagoguery from Dear Leader.

And always funny ... since Jan 20 the democrats have been eating their own kind. Imagine the super-rich SuckerBird (Zukerberg) clan & Co and the super-rich Hollywood Elite who helped him win the election by hook and by crook going "WTF" right now.
Hilarious. This clown is even funnier than the last one.
I promised...I promised...I promised. Sorry Ross, sometimes mouth breathing stupid must be addressed. Not saying Ming is mouth breathing stupid, the words just seemed to come out that way. Maybe it was break in communication. Nonetheless, I choose to respond to what I think I read.

Ming....DEAR LEADER??????

Please tell me the last U.S. President that some think ACTIVELY encouraged a coup so he could stay in power? Take your time, I will wait.

To be fair, maybe you have not travelled very much, and have never been in a country with an "emerging democracy". To our collective shame, we elected a man who tried to go full on Pinochet on us. He allegedly tried to pack the courts. When that failed, some would suggest he literally incited a riot. For us regular people here in the US, that is a felony. Some would say that was sedition, if not outright treason.
If you are good at something, never do it for free--Joker
Quoting Wouldchuk
Absolutely unfair unless the same rate applies to the bottom 10% of wage earners as well!
Wow! That will be a big tax revenue source.

Attached Image

What planet are you on?
The Lowest 10% HAVE NOTHING.
NADA.
Attached Image
Warning: A Dangerous Subversive: 1% of comments CoCed
Quoting Wouldchuk
Absolutely unfair unless the same rate applies to the bottom 10% of wage earners as well!
Well yes, its not very egalitarian, is it.

The bloke earning a salary of $800,000 who bought 1,000 Bitcoin back when they were a buck can sell them and be exempt.

The same as his hairdresser who put him onto Bitcoin after she bought 1,000 at 80 cents.

His mate earning over a million bucks with the same investment decides to not sell in view of the tax, but makes certain adjustments to his circumstances.

Who wins?
meanwhile corporations pay 2 cents on the dollar -- guess who controls real politics, and it's not the people!
grist for the mill
Quoting jmn5611
I promised...I promised...I promised. Sorry Ross, sometimes mouth breathing stupid must be addressed. Not saying Ming is mouth breathing stupid, the words just seemed to come out that way. Maybe it was break in communication. Nonetheless, I choose to respond to what I think I read. Ming....DEAR LEADER?????? Please tell me the last U.S. President that some think ACTIVELY encouraged a coup so he could stay in power? Take your time, I will wait. To be fair, maybe you have not travelled very much, and have never been in a country with an "emerging...
"Allegedly, "some think", "some would suggest", "some would say". These are pretty much the words used by Trumps defence in quoting, then debunking, the media inflamed, yet totally unproven, (and then disproven by the records of his communications) accusations against Trump during his impeachment.
Compulsions can be hard to resist
Quoting JackJones
meanwhile corporations pay 2 cents on the dollar -- guess who controls real politics, and it's not the people!
Is that a fact? On average, or just those which are lucky enough to make a profit?
Quoting LloydOz
{quote} Is that a fact? On average, or just those which are lucky enough to make a profit?
https://stats.oecd.org/Index.aspx?DataSetCode=REVUSA

i dont have a pretty graph but individuals 1.9 of 5.2 ; corporations 0.16 -- with money you can hide money, it's part of the privilege as you also make the rules.. the coliseum is politics
grist for the mill
  • Comment #34
  • Quote
  • Edited Apr 24, 2021 2:28am Apr 23, 2021 12:12pm | Edited Apr 24, 2021 2:28am
Quoting jmn5611
I promised...I promised...I promised. Sorry Ross, sometimes mouth breathing stupid must be addressed. Not saying Ming is mouth breathing stupid, the words just seemed to come out that way. Maybe it was break in communication. Nonetheless, I choose to respond to what I think I read. Ming....DEAR LEADER?????? Please tell me the last U.S. President that some think ACTIVELY encouraged a coup so he could stay in power? Take your time, I will wait. To be fair, maybe you have not travelled very much, and have never been in a country with an "emerging...
With all due respect, you are quite wrong.

1)
Ming....DEAR LEADER??????
==> il you have not already noticed that the US mainstream media and social media is totally pro-biden and protecting him I understand your reaction!.

2)
Please tell me the last U.S. President that some think ACTIVELY encouraged a coup so he could stay in power? Take your time, I will wait.
==> trump never called for rioting. He stated “I know that everyone here will soon be marching over to the Capitol building to peacefully and patriotically make your voices heard.” He did not incite the riot.
This is on record and part of the 2nd impeachment. Found not guilty of incitement. Look it up
House Speaker Nancy Pelosi and her Democratic colleagues sought impeachment, not because of the attack on the Capitol, but because the rioters were associated with Trump.

3)
To our collective shame, we elected a man who tried to go full on Pinochet on us.
==> To compare trump to pinochet is ridiculous. No evidence, zero, none, except fear-mongering and lies from the left. Example. "The fine people" hoax has been thorougly debunked !!. The American public has been been "Rupared" for 4 years (and still is) https://www.urbandictionary.com/define.php?term=rupar

4)
He allegedly tried to pack the courts.
==> Are you referring to judge Barrett's nomination? utterly false. But now sniffy Biden is about to do it ... and it's ok, isn't it (;

5)
When that failed, some would suggest he literally incited a riot
==> false, see 2). What about the democrat supported riots last year causing 2 billions in damages and 22 dead? (and stil going on, good luck putting that devil back in the box). The hypocrisy is astounding.

6)
For us regular people here in the US, that is a felony. Some would say that was sedition, if not outright treason.
==> there is no treason, except the one that was put in place thru lies and propaganda to finally win the 2016 election (trump was not supposed to win). I am not making this up, they even had the arrogance to tell the public how they did it.

Collective shame indeed.

But anyhoo, I digress.
Taxing the rich never, never worked.
Taxing the poor (poor = middle-class) on the other hand is the only form of taxation that has ever worked.
A government will raise taxes on the poor by saying they are taxing the rich... same story different time going on for centuries.

Free thinkers of the world unite
Quoting Mingary
{quote} With all due respect, you are quite wrong. 1) Ming....DEAR LEADER?????? ==> il you have not already noticed that the US mainstream media and social media is totally pro-biden and protecting him I understand your reaction!. 2) Please tell me the last U.S. President that some think ACTIVELY encouraged a coup so he could stay in power? Take your time, I will wait. ==> trump never called for rioting. He stated “I know that everyone here will soon be marching over to the Capitol building to peacefully and patriotically make your voices...
Wow! That Gish Gallop was superb!

Faux News has trained you well.

Quoting trumps
{quote} "Allegedly, "some think", "some would suggest", "some would say". These are pretty much the words used by Trumps defence in quoting, then debunking, the media inflamed, yet totally unproven, (and then disproven by the records of his communications) accusations against Trump during his impeachment.
Those words are used in order to leave the debate open. This is the news section, and absolutes do not belong here.
If you are good at something, never do it for free--Joker
Quoting jmn5611
{quote} Wow! That Gish Gallop was superb! Faux News has trained you well. {quote} Those words are used in order to leave the debate open. This is the news section, and absolutes do not belong here.
He is not on my ignore list but it's so easy to avoid getting into his mess.
Here are a few helpful hints: https://lan-design.net/tips-to-keep-dogs-from-pooping-on-your-lawn/
This is truly interesting ...
As expected no intelligent response, no substance, no research.
Just "barks and no bites".
You would have to be really stupid to watch "Fox news" or "CNN"
Better is to observe "Fox news and CNN"
What's important is this:
The psychology of confirmation bias.
Most people seek out information that confirms the beliefs they already have as opposed to seeking out information that might counter it.
Studies have found that this phenomenon causes brain damage.
Facts don't care about your beliefs.
Hence a factual argument - as opposed to slinging insults and smears - is the highest form of debate.
This one is for Mingary.


Inserted Video
Quoting RossEdwards
{quote} Wow! That will be a big tax revenue source. {image} What planet are you on? The Lowest 10% HAVE NOTHING. NADA. {image}
Your reply captures my sarcastic intention: as I have had the experience (would not call it "beneficial opportunity") to know and speak in casual conversation with actual multibillionaires--not to paint all billionaires with the same broad brush--but the ones I have known seem to love things and use people--considering people as "throw-away" items, and enraged at the idea they pay "any" income taxes. And, they hire tax attorneys, employ others, etc. to hide as much income as possible. (Common among the 7 multibillionaires I have had the chance to meet.)

These people seem to seethe with rage over the fact they pay anything at all, as they exercise a mindset which appears to express an attitude of absolute privilege. Their attitudes imply a sense of "suffering."

Thus, I exclaimed one time, "The bottom 10% should have to feel the pain you feel! They should know how it feels when the government comes after 50% of everything you make!" Replied the person, pointing at me, "You are _ _ _ damn right! All 'they' know how to do is hold out a hand for free stuff!!"

It's an exceedingly mixed up world when you can be so rich, then hate the poor who do not have sufficiency of which to live, eat, have clothing and a roof over their head.

I'd say the American "debts" (and current conditions) are due to those who had/have the money to pay taxes but are so aggrieved to do so, they hide their money from the tax man, all possible.
  • New Comment
  •  Guest
  • | IP X.XXX.15.145
Join FF
  • Story Stats
  • Posted: Apr 22, 2021 1:08pm
  • Submitted by:
     Newsstand
    Category: High Impact Breaking News
    Comments: 39  /  Views: 15,768