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Biden plans retroactive hike in capital-gains taxes, so it may be already too late for investors to avoid it: report

The Purge

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Xiden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Xiden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Xiden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Xiden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Xiden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com

This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.
I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.
 

Quasar44

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Utterly stupid as rich folks investing their money into the market is what creates growth and Jobs
 

Angelo

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Xiden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Xiden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Xiden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Xiden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Xiden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com

This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.
I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.
In my honest opinion this should really only affect people who are worth more than around $20 million and then a slight marginal raise on up into the billionaires .....but no . We leave it to the Democrats to screw it up. And it should also vary for each state or region according to the cost of living of each area. ( if you live in New York City or Los Angeles a million dollars doesn't go quite as far as it does in Fayetteville Arkansas or Columbus Ohio. )
 
Last edited:

candycorn

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Pretty sure that is illegal in almost all circumstances.
 

Jimmy_Chitwood

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Xiden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Xiden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Xiden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Xiden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Xiden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com

This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.
I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.


Why leftists always hatin' on me
 

task0778

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Utterly stupid as rich folks investing their money into the market is what creates growth and Jobs
Consumers create jobs.

Disagree.

Consumers don't create jobs, they create demand. Not one job has ever been created by a consumer. Instead, jobs are created by entrepeneurs and investors (rich people), who recognize the demand and create businesses that create jobs IF it is believed to be profitable to do so. Raising CG taxes makes the equation that determines profitability to be less likely, so you get fewer jobs.
 

Captain Caveman

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Xiden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Xiden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Xiden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Xiden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Xiden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com

This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.
I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.
Socialism at work. Xiden is a crackpot.
 

Polishprince

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Long overdue
Good move by our President


How does punishing people retroactively constitute a "good move"?

Actually, President Biden needs to concentrate on reducing taxes so that we can recover economically from his fuckups.
 

Flopper

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Xiden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Xiden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Xiden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Xiden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Xiden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com

This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.
I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.
It may seem unfair but there is nothing illegal about retroactive tax increases. The 1913 Revenue Act was the first one with an effective date before the date of the actual enactment and congress has enacting them ever since them. It's funny that retroactive tax increases creates such condemnation while retroactive tax cuts are ok with everyone.
 

Bob Blaylock

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TheGreatGatsby

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Xiden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.

Xiden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.

Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.

“Given that Xiden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.

Separately, a New York Times report said Xiden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.

Documents obtained by the Times show that Xiden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.

(Excerpt) Read more at marketwatch.com

This is a mugging by a thug. How can anyone with a conscience sanction taking close to half of someone's income? It's gangsterism. Even the Godfather would not stoop so low. At least he had some honor.
I say this even though it won't affect me other than the sorrow it generates, a sorrow for a country our Founding Fathers would not recognize.
It may seem unfair but there is nothing illegal about retroactive tax increases. The 1913 Revenue Act was the first one with an effective date before the date of the actual enactment and congress has enacting them ever since them. It's funny that retroactive tax increases creates such condemnation while retroactive tax cuts are ok with everyone.

Prior unconstitutional / unethical behavior is not justification.
 

Flopper

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It may seem unfair but there is nothing illegal about retroactive tax increases.

Article I, Section 9, Paragraph 3 and Article I, Section 10, Paragraph 1 disagree with you. Both at the federal level, and at the state level, the Constitution explicitly forbids the enactment of ex-post-facto laws.

This means that any law that takes effect before it is actually enacted and signed into law, is blatantly unconstitutional.
Good research but the meaning is not what it appears to be due to the meaning of "Bill of attainder" and "Ex post facto law"

No Bill of Attainder or ex post facto Law shall be passed." Explanation: A bill of attainder is a way that a legislature acts as a judge and jury, declaring that a person or group of people are guilty of a crime and stating the punishment. Ex post facto law is law that retroactively makes criminal conduct that was not criminal when performed, increases the punishment for crimes already committed, or changes the rules of procedure in force at the time an alleged crime was committed in a way substantially disadvantageous to the accused.
 

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