Biden On Capital Gains Tax: “We Should Raise The Tax Back To 39.6 Percent”

[The Purge]

Democrat presidential candidate Joe Biden said he’d like to raise the capital gains tax rate to 39.6 percent, a near doubling of the current 20 percent.

Biden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television:

“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” Biden said yesterday.

Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.

Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.

In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.

In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.

Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.

Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.

Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.

(Excerpt) Read more at atr.org ...

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You just don’t get it. It’s not your money - it’s the Government’s. You should thank the Government for letting you to look at the money for a little while!

I seem to remember that ANY MENTION of raising a tsax "Read my lips, NO NEW TAXES" was a death call for a candidate!

 

[Agit8r]

He lives in the 1970s. What can ya do?

 

[SassyIrishLass]

They gotta pay off their grand schemes somehow

 

[WinterBorn]

I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.

 

[MarathonMike]

I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.

I agree that is the most logical solution. Unfortunately there is an entire industry that has built up around our insanely complicated tax laws so we both know that will never happen.

 

[pknopp]

Income should all be taxed the same. One can argue what that number is but it all should be taxed the same.

 

[WinterBorn]

I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.

I agree that is the most logical solution. Unfortunately there is an entire industry that has built up around our insanely complicated tax laws so we both know that will never happen.

Sadly that is true. We spend tens of billions of dollars on tax compliance. Not paying taxes, but on figuring out what those taxes are.

 

[Bootney Lee Farnsworth]

Income should all be taxed the same. One can argue what that number is but it all should be taxed the same.

I agree that IF we are going to tax income, from whatever source derived, it should be the same percentage.

.

 

[pknopp]

Income should all be taxed the same. One can argue what that number is but it all should be taxed the same.

I agree that IF we are going to tax income, from whatever source derived, it should be the same percentage.

.

I'm open to taxing in other ways but yes, if you are going to tax income, all income should be taxed the same.

 

[S.J.]

I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.

Unfortunately that won't happen because it would interfere with the effort to exploit class envy to get votes.

 

[Jets]

The middle class need the tax cuts first and foremost.

 

[rightwinger]

Democrat presidential candidate Joe Biden said he’d like to raise the capital gains tax rate to 39.6 percent, a near doubling of the current 20 percent.

Biden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television:

“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” Biden said yesterday.

Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.

Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.

In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.

In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.

Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.

Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.

Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.

(Excerpt) Read more at atr.org ...

-----'----
You just don’t get it. It’s not your money - it’s the Government’s. You should thank the Government for letting you to look at the money for a little while!

I seem to remember that ANY MENTION of raising a tsax "Read my lips, NO NEW TAXES" was a death call for a candidate!

Of course we should

Make business pay to support the society they profit from

 

[pknopp]

The middle class need the tax cuts first and foremost.

The "middle class" continues to vote for those who continue to increase the debt.

 

[WinterBorn]

I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.

Unfortunately that won't happen because it would interfere with the effort to exploit class envy to get votes.

It would effectively end class envy as a political tool.

 

[rightwinger]

If someone works and makes $300,000 they pay at a 37% tax rate
If they move money from one investment to another and make $300,000 they pay at a 22% rate

Make them pay the same rate regardless of how you made your money

 

[TheGreatSatan]

I wonder if Democrats will swallow creepy uncle Joe...

 

[bendog]

Democrat presidential candidate Joe Biden said he’d like to raise the capital gains tax rate to 39.6 percent, a near doubling of the current 20 percent.

Biden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television:

“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” Biden said yesterday.

Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.

Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.

In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.

In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.

Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.

Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.

Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.

(Excerpt) Read more at atr.org ...

-----'----
You just don’t get it. It’s not your money - it’s the Government’s. You should thank the Government for letting you to look at the money for a little while!

I seem to remember that ANY MENTION of raising a tsax "Read my lips, NO NEW TAXES" was a death call for a candidate!

No he lives in the present when there is no corp tax, and he's right. Don't tax employers, but tax those who own the employers … and tax the shit out of them to pay for the corp tax cuts without screwing people on SALT taxes.

 

[S.J.]

I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.

Unfortunately that won't happen because it would interfere with the effort to exploit class envy to get votes.

It would effectively end class envy as a political tool.

I know, that's why the left will never agree to it. It's how they win elections.

 

[Jets]

The middle class need the tax cuts first and foremost.

The "middle class" continues to vote for those who continue to increase the debt.

That would be everyone. Fiscal conservatism has become a campaign canard to use against the opposition. Deficit hawks clip their own wings after getting elected...

 

[pknopp]

The middle class need the tax cuts first and foremost.

The "middle class" continues to vote for those who continue to increase the debt.

That would be everyone. Fiscal conservatism has become a campaign canard to use against the opposition. Deficit hawks clip their own wings after getting elected...

Yes it is everyone but the current discussion was on the middle class.