A simple economic lesson... raise capital gains to 43% will do what?

[SassyIrishLass]

I know you dont care. You're allergic to facts.

I'm vaccinated from the likes of your "facts", common sense dictates it.

 

[john doe 101]

I'm vaccinated from the likes of your "facts", common sense dictates it.

So you are saying in 1969 cap gains were not raised under Nixon? You're mentally ill.

Tax Reform Act of 1969 - Wikipedia

en.wikipedia.org

 

[marvin martian]

• President Joe Biden is expected to raise long-term capital-gains tax for the wealthiest Americans to 43.4%, including a surtax. That would be higher than the top federal tax rate on wage income. How the Biden capital gains tax proposal would hit the wealthy

How the Biden capital gains tax proposal would hit the wealthy

President Joe Biden is expected to double the top long-term capital gains rate to 43.4%. But investors shouldn't necessarily rush for the exits.

www.cnbc.com

"Unintended Consequences"...
1) Analyses show that every 10% gain in the capital gains tax rate leads to a 7% change in capital gains realizations. That suggests Biden’s rate increase — which represents a 66% effective increase in the rate, could lead to a 45% to 50% increase in capital gains sales, which could create a large downward force in the market.
So this would mean 401K fund managers would be selling easily 50% reduction in values.
So what are 401ks value today:
About one-third of U.S. adults (35%) said they personally owned stocks, bonds or mutual funds outside of retirement accounts in a Pew Research Center survey from September 2019.
With 39% of the $6 trillion total 401K assets invested in the market..or about $2.4 Trillion will be at risk of dropping at least 50% in value.

401(k) Plan Research: FAQs

Frequently Asked Questions About 401(k) Plan Research How la

www.ici.org

Now that is just the affect on stock market and then on 401ks and then on the 60 million Americans with 401ks.

401(k) Plan Research: FAQs

Frequently Asked Questions About 401(k) Plan Research How la

www.ici.org

Now what about jobs in America?
At one point under Trump

U.S. companies have repatriated $1 trillion since tax overhaul​

U.S. companies have repatriated $1 trillion since tax overhaul

That's still short of the $4 trillion in overseas profits that President Trump would return as a result of the 2017 tax law.

www.latimes.com

Corporations have brought back more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday. (snip)
Investment banks and think tanks have estimated that American corporations held $1.5 trillion to $2.5 trillion in offshore cash at the time the law was enacted. Before the overhaul, companies were incentivized to keep profits overseas because they owed a 35% tax when bringing it back and could defer payment by keeping funds offshore.
The law set a one-time 15.5% tax rate on cash and 8% on non-cash or illiquid assets.
Compare and contrast the way that Presidents Trump and Obama chose to stimulate the American economy, each of them generating roughly a trillion dollars in “stimulus.”

One trillion dollars have flowed into the American economy as Trump’s tax law changes allowed companies to repatriate profits without tax penalty

President Trump’s tax reform has delivered more than a trillion dollars of stimulus to the American economy through corporations repatriating profits held overseas in order to avoid penalties that the tax law had imposed on bringing home the fu...

www.americanthinker.com

In summary folks... all the economic benefits of the "repatriation" and the capital gains tax cuts will result in nearly $10 trillion in economic losses to 60 million Americans at the minimum!

We'll all have to learn to move our money offshore like Joe Biden and his cronies have done for decades.

 

[john doe 101]

We'll all have to learn to move our money offshore like Joe Biden and his cronies have done for decades.

If you were already in the top bracket, your accountant would have already been providing you with different financial vehicle options to lessen your tax burden. Either you need to fire your accountant or stop lying about being in the top tax bracket.

 

[marvin martian]

If you were already in the top bracket, your accountant would have already been providing you with different financial vehicle options to lessen your tax burden. Either you need to fire your accountant or stop lying about being in the top tax bracket.

CG rates for all tax brackets are being raised, dipshit.

 

[jc456]

43% cap gains tax for everyone? Stop being hysterical and also stop lying. The cap gain tax increase would only apply to three-tenths of 1% of all Americans. I know math is hard for you but what this means is it doesnt really affect all that many people. If you make over $537k a year, you'd pay the *****39.6%***** (additional INIT tax only on amounts over $200k) cap gains tax on short term gains and if have long term gains over $1 million, you'd pay the proposed top 43.6.6% rate (everyone pays the included INIT tax).

The smart investors will not sell if they are planning to hold their assets for any significant amount of time. Hysterical people like you will of course sell, but then what? YOu going to put whatever little money you have under your mattress?

Capital gains is not tiered

People like you always have a knack for boiling down a complex multi-faceted issue that requires one to have a nuanced discussion into one oversimplified sentence.

that's all that is needed. Fanny Mae and Freddy Mac. It's all documented son.

 

[jc456]

If you were already in the top bracket, your accountant would have already been providing you with different financial vehicle options to lessen your tax burden. Either you need to fire your accountant or stop lying about being in the top tax bracket.

he can't change tax codes. you're not very bright.

 

[jc456]

Well, it was 90% with a shitload of loopholes to offset the 90%.
We don't have those loopholes today. Thank you Trump.

the first ones claiming cuts for the rich were then bitching about the missing loopholes. it's a topsy tirvy world I tell you. demofks can't find up.

 

[john doe 101]

Capital gains is not tiered

It would be under Bidens proposal. The higher cap gains rate only kicks in for high income earners.

 

[john doe 101]

he can't change tax codes. you're not very bright.

Who is "he"? Your accountant? Your effective tax rate is what matters, not what tax bracket you are in, dum dum. That's why if you dont have the knowledge, you need an adequate accountant to help lessen your tax burden if you are in the highest bracket.

 

[ThisIsMe]

You can't "cut taxes" and address a $30 trillion dollar deficit.

Maybe, maybe not. We need to stop the mindset of "we need to spend more money, so let's keep raising taxes". Sure, maybe, right now, cutting taxes isn't feasible. Long term? Absolutely. Right now, they need to be finding ways to cut spending, and to stop wasting money.

Once we get this all under control, then we can work toward lowering taxes.

Borrowing money to spend on stuff, and then pay it back with taxpayer money is never the best option. By doing that, you are creating perpetual debt that can never be paid off. All debt is created with interest. Even if you paid every cent of debt owed, you'd still have all that interest to pay. There is always more debt than there is money to pay it. So, to pay the interest, you'd have to borrow more money, which is tied to interest of its own.

The point is, it's a lie that we could ever pay down the debt, let alone pay it off. It just can't happen.

Borrow and repay is the worst possible situation. What they should be doing is cut spending.

 

[Markle]

It’s been shown many times the ultra rich don’t pay anywhere near the tax rates of the non-rich. The tax code was developed over time for their benefit. Their tax accountants are very good at tax avoidance.

Time for them to pay up BIG, to make up for the decades in which they paid very little.

Why do you always lie?

Forty seven percent of workers pay no Federal income tax. How much less do you think they should pay. Do you not believe that everyone should pay for the privilege of living in this great country?

 

[Markle]

The highest bracket in the 50's was 90% during one of the greatest economic booms in American history. That was deemed fair.

The "hard working Americans" that you are referring to will not feel a tax increase. You somehow conflate the wealthiest of Americans with the "hard working Americans". It's pretty amazing.

You obviously have swallowed the malarkey fed to you by the far-left. They know Democrats are to lazy or ignorant to look into those details. Why do you suppose That's the case?

 

[Deplorable Yankee]

• President Joe Biden is expected to raise long-term capital-gains tax for the wealthiest Americans to 43.4%, including a surtax. That would be higher than the top federal tax rate on wage income. How the Biden capital gains tax proposal would hit the wealthy

How the Biden capital gains tax proposal would hit the wealthy

President Joe Biden is expected to double the top long-term capital gains rate to 43.4%. But investors shouldn't necessarily rush for the exits.

www.cnbc.com

"Unintended Consequences"...
1) Analyses show that every 10% gain in the capital gains tax rate leads to a 7% change in capital gains realizations. That suggests Biden’s rate increase — which represents a 66% effective increase in the rate, could lead to a 45% to 50% increase in capital gains sales, which could create a large downward force in the market.
So this would mean 401K fund managers would be selling easily 50% reduction in values.
So what are 401ks value today:
About one-third of U.S. adults (35%) said they personally owned stocks, bonds or mutual funds outside of retirement accounts in a Pew Research Center survey from September 2019.
With 39% of the $6 trillion total 401K assets invested in the market..or about $2.4 Trillion will be at risk of dropping at least 50% in value.

401(k) Plan Research: FAQs

Frequently Asked Questions About 401(k) Plan Research How la

www.ici.org

Now that is just the affect on stock market and then on 401ks and then on the 60 million Americans with 401ks.

401(k) Plan Research: FAQs

Frequently Asked Questions About 401(k) Plan Research How la

www.ici.org

Now what about jobs in America?
At one point under Trump

U.S. companies have repatriated $1 trillion since tax overhaul​

U.S. companies have repatriated $1 trillion since tax overhaul

That's still short of the $4 trillion in overseas profits that President Trump would return as a result of the 2017 tax law.

www.latimes.com

Corporations have brought back more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday. (snip)
Investment banks and think tanks have estimated that American corporations held $1.5 trillion to $2.5 trillion in offshore cash at the time the law was enacted. Before the overhaul, companies were incentivized to keep profits overseas because they owed a 35% tax when bringing it back and could defer payment by keeping funds offshore.
The law set a one-time 15.5% tax rate on cash and 8% on non-cash or illiquid assets.
Compare and contrast the way that Presidents Trump and Obama chose to stimulate the American economy, each of them generating roughly a trillion dollars in “stimulus.”

One trillion dollars have flowed into the American economy as Trump’s tax law changes allowed companies to repatriate profits without tax penalty

President Trump’s tax reform has delivered more than a trillion dollars of stimulus to the American economy through corporations repatriating profits held overseas in order to avoid penalties that the tax law had imposed on bringing home the fu...

www.americanthinker.com

In summary folks... all the economic benefits of the "repatriation" and the capital gains tax cuts will result in nearly $10 trillion in economic losses to 60 million Americans at the minimum!

Boooooooo!

 

[Deplorable Yankee]

 

[Markle]

Maybe, maybe not. We need to stop the mindset of "we need to spend more money, so let's keep raising taxes". Sure, maybe, right now, cutting taxes isn't feasible. Long term? Absolutely. Right now, they need to be finding ways to cut spending, and to stop wasting money.

Once we get this all under control, then we can work toward lowering taxes.

Borrowing money to spend on stuff, and then pay it back with taxpayer money is never the best option. By doing that, you are creating perpetual debt that can never be paid off. All debt is created with interest. Even if you paid every cent of debt owed, you'd still have all that interest to pay. There is always more debt than there is money to pay it. So, to pay the interest, you'd have to borrow more money, which is tied to interest of its own.

The point is, it's a lie that we could ever pay down the debt, let alone pay it off. It just can't happen.

Borrow and repay is the worst possible situation. What they should be doing is cut spending.

Without cutting taxes, Washington will never cut spending, they have no motivation. The problem is the voters look at who is going to give them the most free stuff.

Other than "I'm not Trump", what did Harris/Biden run on? We're going to cancel your student loans, free tuition, then we'll pay you for staying home along with trillions of dollars for all sorts of things.

But, the people ask, where will the money come from? The far-left answers, "don't worry, we'll get those wascally RICH people to start paying their fair share"! And the crowd ROARS!

 

[Turtlesoup]

It’s been shown many times the ultra rich don’t pay anywhere near the tax rates of the non-rich. The tax code was developed over time for their benefit. Their tax accountants are very good at tax avoidance.

Time for them to pay up BIG, to make up for the decades in which they paid very little.

Never happen---which is why billionaires and corps donate to the pols and hire pols families. This said the super rich are going for that 15% for all global tax---its so they don't pay for Bidens tax increases. They will pay 15% of what they can't loop hole out of the global tax.

 

[Markle]

Fair tales. Trump cut taxes. The deficit went up $8 trillion.

Do you really want to go there? Do you really want to pretend that the Chinese did not unleash the COVID-19 virus?

Besides, hasn't Harris/Biden/Pelosi increased the debt by about eight trillion dollars already?

 

[Markle]

People didn’t pay their mortgages, banks then sold those bad notes and badda boom

You have no clue as to what happened. Not at all surprising, the vast majority of the people don't either.

IF ANY OF THE REPUBLICAN TAX AND EMPLOYMENT POLICIES HAD BEEN EFFECTIVE, THE USA WOULD NOT HAVE THE WIDEST WEALTH AND WAGE GAPS IN THE WORLD. THE AMERICAN ECONOMY WOULD NOT HAVE CRASHED 3 TIMES IN THE PAST 40 YEARS. AND WAGES, AS A PERCENTAGE OF COSTS, WOULD NOT BE AT THE SAME LEVELS AS THE GUILDED AGE - BEFORE EMPLOYMENT REGULATION, BEFORE MINIMUM WAGES, AND BEFORE UNIONS.

THE REPUBLICAN PARTY HAS WIPED OUT ALL WORKER WAGE BENEFITS FOR THE PAST 150 YEARS, WITH THEIR REFUSAL TO RAISE MINIMUM WAGES.

THE REPUBLICAN PARTY HAS OVERSEEN THE GREATEST TRANSFER OF WEALTH IN WORLD HISTORY - ALL FROM WORKING AND MIDDLE CLASS AMERICANS TO THE TOP 10% OF CORPORATIONS AND INDIVIDUALS.

OBAMA CHANGED NEITHER WEALTH NOR EMPLOYMENT LAW, AND HIS MOST SIGNIFICANT WAGE CHANGE - OVERTIME REGULATIONS, WAS OVERTURNED BY DONALD TRUMP BEFORE IT WENT INTO EFFECT.

REPUBLICAN EMPLOYMENT AND ECONOMIC POLICY HAS BEEN A DISASTER FOR THE NATION, AND HAS CREATED THE GREATEST WEALTH AND INCOME INEQUITY IN THE FIRST WORLD, AND IS STEADILY DEPLETING THE MIDDLE CLASS AND LOWERING LIFE EXPECTANCY IN THE USA.

Screaming a response, in bold text only makes what you post more difficult to read and therefore much easier to ignore.

Go granny, go granny, go granny, go!

 

[Markle]

Of course you oppose capital gains tax. Day traders will be outta business when that happens. You'll actually have to work for a living instead of leaching off the labour of others.

That's goofy. How is a day trader leaching off anyone? Please be specific. You know, a day trader in your hometown profited exactly $1,000.today. How much of that profit came out of your pocket?