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Biden considers raising capital gains tax to nearly 44%

FA_Q2

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LeftofLeft

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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.

But the money invested has already been taxed. This is a disincentive to invest in US.
 

BlindBoo

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Long term capital gain should be taxed at the same rate labor income is taxed.
 

TroglocratsRdumb

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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.
when you look at the essences of the Democrat Party, they are just greedy thieves, they are looters
 

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.

But the money invested has already been taxed. This is a disincentive to invest in US.

The most ignorant reply to this issue ever.

Your capital gains have never been taxed.
 

BlindBoo

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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.

But the money invested has already been taxed. This is a disincentive to invest in US.

You only are taxed on the gain from your investment, But you can deduct a capital loss too you know......
 

Tipsycatlover

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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 why Xi ordered Biden to raise the taxes.
 

LeftofLeft

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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.

But the money invested has already been taxed. This is a disincentive to invest in US.

The most ignorant reply to this issue ever.

Your capital gains have never been taxed.

Before you start hurling insults, you had better check yourself in the mirror. Tell me how the cash I invested last week in a security was not already taxed?
 

LeftofLeft

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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.

But the money invested has already been taxed. This is a disincentive to invest in US.

You only are taxed on the gain from your investment, But you can deduct a capital loss too you know......

True. But the money used to invest in capital markets has already been taxed. When I invest in capital markets, am I the only one who benefits - be it a capital appreciation or a capital loss deduction? Don’t pensions, 401ks, and other individual investors benefit? If the tax ramifications (costs) be gain erode the gains (benefits), what is the outcome going to be for capital markets?
 

ThunderKiss1965

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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.
Create jobs by taxing the shit out of the job creators ? Only the rank and file peasants on the left believe that garbage. If real Conservatives don't take back the country then we will all be working for the government or in re-education camps.
 

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.

But the money invested has already been taxed. This is a disincentive to invest in US.

The most ignorant reply to this issue ever.

Your capital gains have never been taxed.

Before you start hurling insults, you had better check yourself in the mirror. Tell me how the cash I invested last week in a security was not already taxed?

You don't pay taxes on the money you invest. You pay taxes on the money made off that money. Does this have to be explained every time this comes up?

If I am a pawn shop and I buy lets say a coin collection for $10.000 and sell it for $15.000 I have to pay taxes on that $15,000. Can I claim I shouldn't have to because I already paid taxes on the $10,000?
 

pknopp

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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.
Create jobs by taxing the shit out of the job creators ? Only the rank and file peasants on the left believe that garbage. If real Conservatives don't take back the country then we will all be working for the government or in re-education camps.

You are crying because of some lame excuse that you shouldn't have to pay taxes because you are "creating jobs". My income is taxed and I help create jobs by spending it also. Sorry, everyone simply has to contribute.

Conservative equates to not paying your debt?
 

pknopp

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Pretty damned dumb idea. Raise CG and watch businesses not expand or hire.

Leave it to the Dems to be so damned dumb.

Who do you propose pay off our debt? The next generations?
 

pknopp

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Pretty damned dumb idea. Raise CG and watch businesses not expand or hire.

Leave it to the Dems to be so damned dumb.

Who do you propose pay off our debt? The next generations?

CG taxes won't pay of the debt. All it will do is stop companies from expanding and hiring creating jobs.

No it won't BUT everyone has to pay to pay it off. Who do you propose pay it off? If you aren't going to answer, don't bother replying.
 

DBA

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Pretty damned dumb idea. Raise CG and watch businesses not expand or hire.

Leave it to the Dems to be so damned dumb.

Who do you propose pay off our debt? The next generations?

CG taxes won't pay of the debt. All it will do is stop companies from expanding and hiring creating jobs.

No it won't BUT everyone has to pay to pay it off. Who do you propose pay it off? If you aren't going to answer, don't bother replying.

It won’t be paid off ever. Where do you get this crazy idea? We need to stop spending like drunken sailors.

The government seems to think they can spend as much as they want and if they can’t pay the bill, simply ask for a raise(taxes). This is akin to a business owner spending money on business expenses that were not truly necessary to run his business and then raising his prices to more than this competition to pay for it. It is a sure fire way to go out of business. Stop spending on needless things. The stimulus and infrastructure bills are packed with billions of unnecessary expenditures.
 

pknopp

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Pretty damned dumb idea. Raise CG and watch businesses not expand or hire.

Leave it to the Dems to be so damned dumb.

Who do you propose pay off our debt? The next generations?

CG taxes won't pay of the debt. All it will do is stop companies from expanding and hiring creating jobs.

No it won't BUT everyone has to pay to pay it off. Who do you propose pay it off? If you aren't going to answer, don't bother replying.

It won’t be paid off ever. Where do you get this crazy idea? We need to stop spending like drunken sailors.

The government seems to think they can spend as much as they want and if they can’t pay the bill, simply ask for a raise(taxes). This is akin to a business owner spending money on business expenses that were not truly necessary to run his business and then raising his prices to more than this competition to pay for it. It is a sure fire way to go out of business. Stop spending on needless things. The stimulus and infrastructure bills are packed with billions of unnecessary expenditures.

When people start voting this way I'll take the argument seriously. Until then pay up.
 

LeftofLeft

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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.

But the money invested has already been taxed. This is a disincentive to invest in US.

The most ignorant reply to this issue ever.

Your capital gains have never been taxed.

Before you start hurling insults, you had better check yourself in the mirror. Tell me how the cash I invested last week in a security was not already taxed?

You don't pay taxes on the money you invest. You pay taxes on the money made off that money. Does this have to be explained every time this comes up?

If I am a pawn shop and I buy lets say a coin collection for $10.000 and sell it for $15.000 I have to pay taxes on that $15,000. Can I claim I shouldn't have to because I already paid taxes on the $10,000?

If you use money you earned to buy securities, it was already taxed. You are now risking (cost) that money for a personal return. Taxing on top of earned money that is being risked is punitive and will have negative outcomes that far outweigh any benefits. It’s that simple.
 

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