Biden considers raising capital gains tax to nearly 44%

task0778

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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.



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.
 

CrusaderFrank

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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.



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.

Xi is ordering Biden to destroy the USA
 

22lcidw

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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.



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.
Over the years the Republicans dragged their feet on many issues letting Progressives gain more and more clout. And now, here we are.
 

themirrorthief

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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.



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.
the democrats must punish success and reward the losers
 

pknopp

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While I agree with raising Capital Gains taxes it shouldn't be higher than regular income taxes. It should all simply be the same. Income is income and all should be taxed the same.
 

Lesh

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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.



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.
Why does your link NOT mention a capital gains tax increase?
 

HereWeGoAgain

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So predictable.
While we dont make a million a year I'd like to see what he does to those who dont and have stock options as a large part of their retirement plan.
 

Dekster

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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.



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.
Fine with me. Most of that comes from reselling "used" stocks so it isn't like it really hurts anybody.
 

HereWeGoAgain

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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.



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.
Fine with me. Most of that comes from reselling "used" stocks so it isn't like it really hurts anybody.

What exactly are used stocks?
 

FA_Q2

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Guys - you just can't do that and expect to grow the economy.
Well... yes they can.

The economy has been driven into the ground artificially by the measures taken against COVID. Because of that it is going to grow and by massive numbers.

They can use that growth to cover for passing a bunch of 'equity' whish list items and then claim they are the reason that we see double digit growth. This is not new, it has become rather common.

In 4 years they are going to be claiming they are the best thing for the economy since sliced bread because of record growth even if they have literally nothing to do with it.
 

Juicin

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Personal tax rate changes have never been shown to hurt growth

Only corporate rates matter.
 
OP
task0778

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Personal tax rate changes have never been shown to hurt growth

First of all, we're talking about the capital gains tax, NOT the personal income tax rate. Basically, as I'm sure you know, the capital gains tax is a tax on investments. It is axiomatic that the more you tax something, the less you get of it. Capital gains tax hikes reduce the incentive for entrepreneurship by lowering the rewards available to successful entrepreneurs, and make it harder for would-be entrepreneurs to start businesses and make existing businesses grow by making it harder to raise money. Any increase to capital gains taxes will hurt investment and entrepreneurship, which are both badly needed in our economic recovery given their connection to job creation and economic growth. Again, simply put, higher capital gains taxes reduce the incentive for investment and entrepreneurship. And THAT means less economic growth.
 

WTH_Progs?

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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.



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.
Over the years the Republicans dragged their feet on many issues letting Progressives gain more and more clout. And now, here we are.

You have to remember the Demonicrats have all of the following in their favor:

Mainstream media, 95% of all information sources.

Education, which is really miss-education stuffed with left communism.

Debate platforms

BS polls, they're all corrupt.

Fact checks code for mental trickery. It's all mental trickery.

And then they stole an election under the disguise of COVID by appointing Dementia and his side-kick skank. We're fucked.

But I agree, many Republicans in office are pussies and even when they aren't mainstream tucks it under the rug only to report how racist we are. If they expose it they use trickery to destroy that person. That said, many Republicans in office just as well register Demonicrat. You know, like Romney for instance.
 

Juicin

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Personal tax rate changes have never been shown to hurt growth

First of all, we're talking about the capital gains tax, NOT the personal income tax rate. Basically, as I'm sure you know, the capital gains tax is a tax on investments. It is axiomatic that the more you tax something, the less you get of it. Capital gains tax hikes reduce the incentive for entrepreneurship by lowering the rewards available to successful entrepreneurs, and make it harder for would-be entrepreneurs to start businesses and make existing businesses grow by making it harder to raise money. Any increase to capital gains taxes will hurt investment and entrepreneurship, which are both badly needed in our economic recovery given their connection to job creation and economic growth. Again, simply put, higher capital gains taxes reduce the incentive for investment and entrepreneurship. And THAT means less economic growth.

pretty sure corporations have different rules on capital gains. The tax rates i'm referring to are personal rates

Personal tax isn't necessarily income. It could be...Capital gains. I was just using it "personal" in the colloquial sense. Individual might have avoided the confusion.

Point is that only corporate tax rates seem to matter to the growth of an economy. And there is contention about that.

No one has ever shown individual tax rates matter. At our highest periods of growth tax rates on households were much much higher.
 

Dekster

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Personal tax rate changes have never been shown to hurt growth

First of all, we're talking about the capital gains tax, NOT the personal income tax rate. Basically, as I'm sure you know, the capital gains tax is a tax on investments. It is axiomatic that the more you tax something, the less you get of it. Capital gains tax hikes reduce the incentive for entrepreneurship by lowering the rewards available to successful entrepreneurs, and make it harder for would-be entrepreneurs to start businesses and make existing businesses grow by making it harder to raise money. Any increase to capital gains taxes will hurt investment and entrepreneurship, which are both badly needed in our economic recovery given their connection to job creation and economic growth. Again, simply put, higher capital gains taxes reduce the incentive for investment and entrepreneurship. And THAT means less economic growth.

Sounds good in theory, but in reality it is little more than a higher tax on people who pump and dump stocks for a living.
 

Rocko

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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.



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.
Why does your link NOT mention a capital gains tax increase?

It’s true
 

Jim H - VA USA

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Personal tax rate changes have never been shown to hurt growth

First of all, we're talking about the capital gains tax, NOT the personal income tax rate. Basically, as I'm sure you know, the capital gains tax is a tax on investments. It is axiomatic that the more you tax something, the less you get of it. Capital gains tax hikes reduce the incentive for entrepreneurship by lowering the rewards available to successful entrepreneurs, and make it harder for would-be entrepreneurs to start businesses and make existing businesses grow by making it harder to raise money. Any increase to capital gains taxes will hurt investment and entrepreneurship, which are both badly needed in our economic recovery given their connection to job creation and economic growth. Again, simply put, higher capital gains taxes reduce the incentive for investment and entrepreneurship. And THAT means less economic growth.
That's right, and it will simply take money from the sector that actually creates American jobs, give the money to the US government which will redistribute it to people who wish not to work. And lots of money will shift from the US to offshore investments.

Seems like deja vu.
 

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