Biden considers raising capital gains tax to nearly 44%

[EvilCat Breath]

That tax was enacted in 1991. Maybe you need to consider a history lesson.

Target the rich? Been there, regret that

In November 1991, The United States Congress enacted a luxury tax and was signed by President George H.W. Bush. The goal of the tax was to generate additional revenues to reduce the federal budget deficit. This tax was levied on material goods such as watches, expensive furs, boats, yachts, private jet planes, jewelry and expensive cars. Congress enacted a 10 percent luxury surcharge tax on boats over $100,000, cars over $30,000, aircraft over $250,000, and furs and jewelry over $10,000. The federal government estimated that it would raise $9 billion in excess revenues over the following five-year period. However, only two years after its imposition, in August 1993, at the behest of the luxury yacht industry, President Bill Clinton and Congress eliminated the "luxury tax" citing a loss in jobs.[5] The luxury automobile tax remained in effect until 2002.[6]

I was mistaken about the president. Not about the effect.

 

[task0778]

Exactly right.
The Wife and I both agreed we wouldnt ever sell with a leftist in office for that very reason.
Our investments determine how and when we retire. If the dems want to rape us through capital gains we'll just wait until a conservative is back in office.
We've done it before and we'll do it again.

I hope you are young enough to ride it out. The next crash could be a real doozy and it may come sooner than expected. My wife and I sold out in 2000 before that crash and again in 2006, and saved a lot of money. Good luck, but I wouldn't wait to be raped if I were you.

 

[Care4all]

Well well...the capital gain tax increase proposal on the rich is to go from 20% to 25%,

NOT 44%.

Democrats' new tax proposal takes aim at corporations and wealthy Americans

Democrats are looking to offset the cost of their 10-year, $3.5 trillion spending plan.

www.cbsnews.com

 

[22lcidw]

Well well...the capital gain tax increase proposal on the rich is to go from 20% to 25%,

NOT 44%.

Democrats' new tax proposal takes aim at corporations and wealthy Americans

Democrats are looking to offset the cost of their 10-year, $3.5 trillion spending plan.

www.cbsnews.com

Many people like myself and others I know are seeing the real tax increases of heavy inflation. Screw you. Men and Women are seeing 25% and more in increases in renewing their Apartment leases alone!!! Forcing them out of those places. Homes are increasing the same annually. But we are going to get our pound of flesh from the rich.

 

[Care4all]

Many people like myself and others I know are seeing the real tax increases of heavy inflation. Screw you. Men and Women are seeing 25% and more in increases in renewing their Apartment leases alone!!! Forcing them out of those places. Homes are increasing the same annually. But we are going to get our pound of flesh from the rich.

Inflation is hitting us hard....the shutdowns in the pandemic is causing a temporary extreme hike right now due to supply shortages but even when that goes away and supply increases, inflation has been a part of life in a semi big way, since Reagan.

But that's because we don't pay, for what we spend...we don't raise taxes to cover it, or we don't cut spending so we cover the expense with existing taxes.

Since the 80s we've been spending, spending spending....while reducing income taxes on primarily the wealthiest and corporations....borrowing what we spend from foreign countries.

 

[jc456]

Bill Clinton had a grand idea to tax the rich. He put a luxury tax on yachts and all yacht supplies. Rich people just stopped buying yachts. They stopped upgrading the yachts they did have. The yachts builders didn't make sales. The people who made new cushions and supplies didn't sell any. Everyone laid off workers. It was such an awful idea the whole thing was scrapped..

you're trying to educate demofks who have no brain.

 

[jc456]

Inflation is hitting us hard....the shutdowns in the pandemic is causing a temporary extreme hike right now due to supply shortages but even when that goes away and supply increases, inflation has been a part of life in a semi big way, since Reagan.

But that's because we don't pay, for what we spend...we don't raise taxes to cover it, or we don't cut spending so we cover the expense with existing taxes.

Since the 80s we've been spending, spending spending....while reducing income taxes on primarily the wealthiest and corporations....borrowing what we spend from foreign countries.

so Einstein, what is the issue with what you posted? Taxes or spending?

 

[Thinker101]

Inflation is hitting us hard....the shutdowns in the pandemic is causing a temporary extreme hike right now due to supply shortages but even when that goes away and supply increases, inflation has been a part of life in a semi big way, since Reagan.

But that's because we don't pay, for what we spend...we don't raise taxes to cover it, or we don't cut spending so we cover the expense with existing taxes.

Since the 80s we've been spending, spending spending....while reducing income taxes on primarily the wealthiest and corporations....borrowing what we spend from foreign countries.

Wow, whatever happened to the “transitionary” BS from the left?

 

[Flash]

Why is it that these stupid uneducated Moon Bats that don't know jackshit about Economics always think that the solution is 'more taxation' when the real answer should always be 'less government spending'?

 

[BluesLegend]

President Joe Biden’s administration is weighing nearly doubling the capital gains tax on wealthy Americans to 43.4%, Bloomberg News reported Thursday.

The plan would raise the gains tax to 39.6% for Americans making more than $1 million a year, and that would add upon an existing 3.8% tax on that bracket that supports Obamacare, according to Bloomberg.

Biden has proposals to hike taxes on wealthy Americans in a number of his bills, including the American Jobs Plan, expected to be officially announced next week.

REPORT: Biden White House Considers Raising Capital Gains Tax To Nearly 44%

President Joe Biden's administration is weighing nearly doubling the capital gains tax on wealthy Americans to 43.4%, Bloomberg News reported Thursday.

dailycaller.com

Guys - you just can't do that and expect to grow the economy. I don't know if the democrats could pass that through the reconciliation process, cuz there's Joe Manchin and other democrats that probably wouldn't support that, Thank God. But it tells you where the democratic party is coming from, and if they ever get to the point where senators like Joe Manchin aren't there to stop them, the Far Left will ruin this country IMHO. You just can't tax and spend your way to prosperity, it has never been done. Not to this extent anyway.

Fuck the Dems want to take ALL our money and dole it out as they see fit, making us slaves to government.

 

[Care4all]

Fuck the Dems want to take ALL our money and dole it out as they see fit, making us slaves to government.

Unless you earn more than a million a year in taxable income, any capital gains you may have, is not going up the 5% the capital gains tax is increasing.... If the bill is passed as it is written now.

 

[Care4all]

Wow, whatever happened to the “transitionary” BS from the left?

As I mention, the higher 5%plus inflation will drop some, when supply catches up with demand, but in my view inflation will still be there....affecting us all...little by little by little, year after year after year.....

 

[Thinker101]

As I mention, the higher 5%plus inflation will drop some, when supply catches up with demand, but in my view inflation will still be there....affecting us all...little by little by little, year after year after year.....

Sure, when inflation hit's around 10-15% some items will drop 5%, and the idiot Biden Bros will claim it's a victory.

 

[BluesLegend]

Unless you earn more than a million a year in taxable income, any capital gains you may have, is not going up the 5% the capital gains tax is increasing.... If the bill is passed as it is written now.

Are you dumb or something? Sell your house under Biden's new taxes then you will understand.

 

[jc456]

As I mention, the higher 5%plus inflation will drop some, when supply catches up with demand, but in my view inflation will still be there....affecting us all...little by little by little, year after year after year.....

prices on all products will be up. Period. you're still confused at who sets price.

 

[HereWeGoAgain]

I hope you are young enough to ride it out. The next crash could be a real doozy and it may come sooner than expected. My wife and I sold out in 2000 before that crash and again in 2006, and saved a lot of money. Good luck, but I wouldn't wait to be raped if I were you.

We're keeping a close eye on things. We did cash in a bunch of stocks 3 or 4 years ago but we still have substantial amount in bank stocks.

 

[Nova78]

Biden the puppet.

 

[dudmuck]

Fuck the Dems want to take ALL our money and dole it out as they see fit, making us slaves to government.

 

[billyerock123]

President Joe Biden’s administration is weighing nearly doubling the capital gains tax on wealthy Americans to 43.4%, Bloomberg News reported Thursday.

The plan would raise the gains tax to 39.6% for Americans making more than $1 million a year, and that would add upon an existing 3.8% tax on that bracket that supports Obamacare, according to Bloomberg.

Biden has proposals to hike taxes on wealthy Americans in a number of his bills, including the American Jobs Plan, expected to be officially announced next week.

REPORT: Biden White House Considers Raising Capital Gains Tax To Nearly 44%

President Joe Biden's administration is weighing nearly doubling the capital gains tax on wealthy Americans to 43.4%, Bloomberg News reported Thursday.

dailycaller.com

Guys - you just can't do that and expect to grow the economy. I don't know if the democrats could pass that through the reconciliation process, cuz there's Joe Manchin and other democrats that probably wouldn't support that, Thank God. But it tells you where the democratic party is coming from, and if they ever get to the point where senators like Joe Manchin aren't there to stop them, the Far Left will ruin this country IMHO. You just can't tax and spend your way to prosperity, it has never been done. Not to this extent anyway.

its that dead horse they keep beating ... if it's not for guns, religion, Jesus, Christmas, and of course capital gains ... it's all they have they make up these things then has some right wing nut job come out and tell you these things they are doing with no factual bases other then them saying it ... it's like my brother, the republican fool he is ... he said Obama and bide are trying to take your guns ... so I look at his source ...yes they were trying to stop people buying guns ... can't deny that ... they were people who are crazy or people who beat their wives and hold them in fear for their lives ... these are the gun laws we Dems passed and signed into law ... but not to worry gun owners trump repealed that law and those crazy people who just killed many people in the last 5 years they were crazy people ... ya get what you hoe...

 

[billyerock123]

are

are you really this stupid .. the rich pay fewer taxes than anyone ...some pay none at all ... we finance these corporations with the tax write off they get ... but whatever they need an item for their corporation they buy it then writes that item off ...you morons get to pay for it ...then you complain that your taxes are high ... make them pay more and you will pay less until that happens you will be ragging about your taxes and complaining the rich pays to high taxes cause your leaders put the ring in your nose and you follow their rants ... which makes you the fool