What's new
US Message Board - Political Discussion Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Biden considers raising capital gains tax to nearly 44%

jc456

Diamond Member
Joined
Dec 18, 2013
Messages
96,660
Reaction score
11,617
Points
2,030
I suppose one's outlook on this issue depends on whether one accepts as true studies showing the .1% pay a lower overall tax rate than the rest of us.
I supposed someone should actually know about the value of a dollar.
 

marvin martian

Diamond Member
Joined
Sep 29, 2020
Messages
3,813
Reaction score
6,711
Points
1,908
Location
Texas Hill Country
I suppose one's outlook on this issue depends on whether one accepts as true studies showing the .1% pay a lower overall tax rate than the rest of us.

The .1% are not the target of this tax hike. It's just being sold that way to people like you, who are not smart enough to realize the revenue generated by taxing .1% of the population will never be enough to meet the goal.
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.
So you are for a flat tax. Everyone pays the same rate.

Cool.

I've said all along that I would consider that.
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.

I agree. It's another class warfare ploy and the idea that it's "unfair" that people make money not doing some kind of manual labor.

The "unfair" part is they make money not doing any kind of manual labor and pay less in taxes.
 

jc456

Diamond Member
Joined
Dec 18, 2013
Messages
96,660
Reaction score
11,617
Points
2,030
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
why didn't you answer his question? afraid of that answer just Like I said you would be.
 

marvin martian

Diamond Member
Joined
Sep 29, 2020
Messages
3,813
Reaction score
6,711
Points
1,908
Location
Texas Hill Country
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.

I agree. It's another class warfare ploy and the idea that it's "unfair" that people make money not doing some kind of manual labor.

The "unfair" part is they make money not doing any kind of manual labor and pay less in taxes.

Yet you favor raising taxes on everyone. Why?
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
why didn't you answer his question? afraid of that answer just Like I said you would be.

I have no obligation to answer questions about something I've never discussed and is simply trying to deflect from what I said and has already been answered.
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.

I agree. It's another class warfare ploy and the idea that it's "unfair" that people make money not doing some kind of manual labor.

The "unfair" part is they make money not doing any kind of manual labor and pay less in taxes.

Yet you favor raising taxes on everyone. Why?

We are 30 trillion in debt.
 

Nostra

Diamond Member
Joined
Oct 7, 2019
Messages
25,618
Reaction score
21,366
Points
2,415
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
Yes, I know....and it is bullshit, as usual.
 

Thinker101

Platinum Member
Joined
Mar 25, 2017
Messages
19,463
Reaction score
7,210
Points
360
Long term capital gain should be taxed at the same rate labor income is taxed.

Why?

Because income is income.

Income is not income. Investments that trigger capital gains usually have a higher risk and does not have FDIC insurance. Now if your want to prevent investments, a higher tax on capital gains is one sure way to go.
So you're saying the .1% will just put money in FDIC accounts unless they keep the long term cap gain tax break?

They'll find less riskier investments.
 

Dragonlady

Designing Woman
Joined
Dec 1, 2012
Messages
30,269
Reaction score
12,217
Points
1,600
Location
Niagara Escarpment
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.

Yes, you CAN, and you SHOULD. Look at Norway, New Zealand, Canada, Australia, Germany, Switzerland - all of the successful western democracies have a tax systems that keeps more than 50% of all income in the nation in the hands of working and middle class voters.

As a result of the three large tax cuts given by successive Republican presidents, in the USA, 80% of all of the wealth generated by the GDP, ends up in the hands of the top 10% of wealthiest individuals and corporations. Your current tax code has economically impoverished the working class, with stagnant wages these past 40 years, and is now driving the middle class back into poverty.

Unless 40 years of "trickle up" economics is ended and reversed, the US economy will continue it's downward spiral into second world nation status. 8 million people fell into poverty last year, while the wealthiest Americans gained trillions in wealth.

An economically healthy and vibrant middle class, like the one built by Roosevelt's "New Deal" is a prerequisite to a thriving economy. It's time for progressive economic policy to restore and rebuild the American middle class and that starts with taxing the wealthy.
 

jc456

Diamond Member
Joined
Dec 18, 2013
Messages
96,660
Reaction score
11,617
Points
2,030
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
why didn't you answer his question? afraid of that answer just Like I said you would be.

I have no obligation to answer questions about something I've never discussed and is simply trying to deflect from what I said and has already been answered.
I knew you'd say that. You never have intentions in a real discussion, only ones by your terms. boring. Doesn't further a discussion to play the asshole.
 

jc456

Diamond Member
Joined
Dec 18, 2013
Messages
96,660
Reaction score
11,617
Points
2,030
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.

I agree. It's another class warfare ploy and the idea that it's "unfair" that people make money not doing some kind of manual labor.

The "unfair" part is they make money not doing any kind of manual labor and pay less in taxes.

Yet you favor raising taxes on everyone. Why?

We are 30 trillion in debt.
why? because of investments or politicians?
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
Yes, I know....and it is bullshit, as usual.

It's simply factual.
 

LeftofLeft

Platinum Member
Joined
Oct 18, 2011
Messages
14,469
Reaction score
6,094
Points
390
Long term capital gain should be taxed at the same rate labor income is taxed.

Why?

Because income is income.

That does not answer the question or justify as to why capital gains invested with labor income that has already been taxed should be taxed again at the same rate. The incentive to invest becomes severely diminished when the risk + capital gains taxed at same income tax rate.

Why does holding on to an asset for more that a year qualify that income for a lower tax rate than a citizens hourly wage or salary for that year? I've had that 401K for decades but if I take a withdrawal I still pay todays tax rate.

401k money has not been taxed yet. I’ll ask again: where is the incentive to invest after tax income with risk and taxes at the same rate as your income? For “Required Rate of Return” mean anything to you? On a macro level, what do you think capital gains tax rate increase on par with income taxes will do to capital markets and the economy?
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
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.

I agree. It's another class warfare ploy and the idea that it's "unfair" that people make money not doing some kind of manual labor.

The "unfair" part is they make money not doing any kind of manual labor and pay less in taxes.

Yet you favor raising taxes on everyone. Why?

We are 30 trillion in debt.
why? because of investments or politicians?

Both. We have plowed a ton of money into the markets. People voted for that.
 

jc456

Diamond Member
Joined
Dec 18, 2013
Messages
96,660
Reaction score
11,617
Points
2,030
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.
So income people save to invest hasn‘t been taxed?

Ramble on. You know what I said.
Yes, I know....and it is bullshit, as usual.

It's simply factual.
it's do do.
 

pknopp

Platinum Member
Joined
Jul 22, 2019
Messages
30,016
Reaction score
7,963
Points
1,090
Long term capital gain should be taxed at the same rate labor income is taxed.

Why?

Because income is income.

That does not answer the question or justify as to why capital gains invested with labor income that has already been taxed should be taxed again at the same rate. The incentive to invest becomes severely diminished when the risk + capital gains taxed at same income tax rate.

Why does holding on to an asset for more that a year qualify that income for a lower tax rate than a citizens hourly wage or salary for that year? I've had that 401K for decades but if I take a withdrawal I still pay todays tax rate.

401k money has not been taxed yet. I’ll ask again: where is the incentive to invest after tax income with risk and taxes at the same rate as your income? For “Required Rate of Return” mean anything to you? On a macro level, what do you think capital gains tax rate increase on par with income taxes will do to capital markets and the economy?

Don't risk it. Just put it into savings and get .02% or whatever it is.
 

LeftofLeft

Platinum Member
Joined
Oct 18, 2011
Messages
14,469
Reaction score
6,094
Points
390
Long term capital gain should be taxed at the same rate labor income is taxed.

Why?

Because income is income.

Income is not income. Investments that trigger capital gains usually have a higher risk and does not have FDIC insurance. Now if your want to prevent investments, a higher tax on capital gains is one sure way to go.
So you're saying the .1% will just put money in FDIC accounts unless they keep the long term cap gain tax break?

They'll find less riskier investments.

Which will do what to capital markets and the economy? Firms rely on capital markets as well as debt markets.
 

USMB Server Goals

Total amount
$350.00
Goal
$350.00

Most reactions - Past 7 days

Forum List

Top