Kamala supports 44% tax on capital gains

[Billo_Really]

Did you read the link?

Yes I did.

That is not Kamala's policy, nor is it Joe Biden's. 25% is the max.

 

[Winston]

And small businesses are the lifeblood of the economy, and that also plays into the socialist goals of the Destroy America Party. They don’t want small businesses. They want large businesses only, which ultimately the government will “partner” with and control.

You saw it during COVID. They let Target and Walmart operate, but drove all the Mom and Pop stores into bankruptcy.

Really, small businesses? You know, Trump's corporate tax cut, it was actually an increase on small businesses making less than $75,000 a year.

 

[rightwinger]

The innovation is coming from the business owner, who took the risk and had the ingenuity to launch his own company.

You are just another lib, with resentment toward successful people.

Has nothing to do with Capital Gain on investment

 

[Lisa558]

Yes I did.

That is not Kamala's policy, nor is it Joe Biden's. 25% is the max.

No, you did not read it, or you’re just a bit slow. The 25% max is for unrealized gains. Actual gains are up to 44%. Read it again..

 

[Lisa558]

Has nothing to do with Capital Gain on investment

Sure it does. Increasing the taxes on capital gains discourages investing for one’s retirement. Not EVERYONE gets lifetime government payments like you.

 

[hadit]

We are not jacking up our rate to 44% on all capital gains.... this is for a specific, narrow group.

Which will see a dramatic fall-off in participation. Pro-taxers never account for human behavior and just expect people to shrug and accept greater confiscation of their earned income.

 

[task0778]

We are not jacking up our rate to 44% on all capital gains.... this is for a specific, narrow group.

Do you think that would be unconstitutional? I don't know if the gov't can single out and tax a specific, narrow group.

 

[g5000]

….and the more they can spend, the more they can bribe people for their votes. Have you heard her latest cockamamie idea about handing out $25,000 for first-time homebuyers? The Democrats are counting on the stupidity of the American voter to win this election.

You are aware Donald Trump added $8 trillion to the debt, right?

Right?

You are aware Republicans spend as much, if not more, than the Democrats, right?

Right?

Speaking of bribes...

Trump says he wants a bigger stimulus package than the $2.2 trillion amount that Democrats are seeking​

Note the date of that story.

 

[Care4all]

Do you think that would be unconstitutional? I don't know if the gov't can single out and tax a specific, narrow group.

I think it's ok? We seem to do it with progressive income tax groups...higher % of tax on higher income earners?

 

[Billo_Really]

No, you did not read it, or you’re just a bit slow. The 25% max is for unrealized gains. Actual gains are up to 44%. Read it again..

Where I don't support taxing gains at 44%, I don't want people richer than me, paying a less tax rate than me and that is what we have right now.

We need to raise taxes on the rich to force them to pay their fair share.

 

[Lisa558]

Where I don't support taxing gains at 44%, I don't want people richer than me, paying a less tax rate than me and that is what we have right now.

We need to raise taxes on the rich to force them to pay their fair share.

They already pay twice as much as their “fare share”, while half of the people pay nothing.

The top 1% earns 26% of the income and pays 48% of the tax. Still not confiscatory enough for you? Just how much of other people’s money do you feel entitled to?

Do the Rich Pay Their Fair Share? - Federal Budget in Pictures

 

[Billo_Really]

They already pay twice as much as their “fare share”, while half of the people pay nothing.

The top 1% earns 26% of the income and pays 48% of the tax. Still not confiscatory enough for you? Just how much of other people’s money do you feel entitled to?

Do the Rich Pay Their Fair Share? - Federal Budget in Pictures

I said tax rate.

 

[jotathought]

You are aware Donald Trump added $8 trillion to the debt, right?

Right?

You are aware Republicans spend as much, if not more, than the Democrats, right?

Right?

Speaking of bribes...

Trump says he wants a bigger stimulus package than the $2.2 trillion amount that Democrats are seeking​

Note the date of that story.

Gosh .. wasn't there this thing called a pandemic?

 

[jotathought]

Where I don't support taxing gains at 44%, I don't want people richer than me, paying a less tax rate than me and that is what we have right now.

We need to raise taxes on the rich to force them to pay their fair share.

Why doesn't everyone pay "their fair share?" Wealthy individuals don't typically earn an income like you most likely received, and taxing gains at nearly 50% will stifle investment and innovation. It's a stupid idea, especially taxing unrealized gains. If you're so concerned with taxes, why don't you volunteer your funds to pay more?

 

[Lisa558]

I said tax rate.

I get it. But they are already paying twice as much as they should, given their income. Increasing the rate would just shift the burden even MORE unfairly to them.

As I showed in the table, the top 1% earn 26% of the income and pay 48% of the taxes. To be fair, we should REDUCE the rate to the point they are paying 26% of all taxes.

 

[EvilCat Breath]

Why doesn't everyone pay "their fair share?" Wealthy individuals don't typically earn an income like you most likely received, and taxing gains at nearly 50% will stifle investment and innovation. It's a stupid idea, especially taxing unrealized gains. If you're so concerned with taxes, why don't you volunteer your funds to pay more?

Most people have no idea what an unrealized capital gain is. Taxing unrealized capital gains is a plan to have government seize private homes.

Say when you bought your house it was worth $300,000. Now it is worth $400,000. That's $100,000 in unrealized capital gains. Every year.

If you have a guest room. That can be rented for $500. A month. Every month you don't rent it is $500. In unrealized capital gains.

This law isn't an attack on the rich. It's to strip the middle class of assets.

 

[hadit]

That innovation is coming from those workers
Tax them at the same rate

And watch American investment disappear. You know, China has a 20% CG tax rate, where do you think investment money is going to go?

 

[hadit]

Most people have no idea what an unrealized capital gain is. Taxing unrealized capital gains is a plan to have government seize private homes.

Say when you bought your house it was worth $300,000. Now it is worth $400,000. That's $100,000 in unrealized capital gains. Every year.

If you have a guest room. That can be rented for $500. A month. Every month you don't rent it is $500. In unrealized capital gains.

This law isn't an attack on the rich. It's to strip the middle class of assets.

And it's a stepping stone to wealth taxes. Once it's established that the government can set a value on an asset you own and tax it whether it's generating revenue for you or not, this whole thing mushrooms into everything you own becoming a target for the government. "Hmmm, you have a lot of cash in that 401K, we're going to take 44% of it every year because it's an unrealized gain".

 

[jotathought]

Most people have no idea what an unrealized capital gain is. Taxing unrealized capital gains is a plan to have government seize private homes.

Say when you bought your house it was worth $300,000. Now it is worth $400,000. That's $100,000 in unrealized capital gains. Every year.

If you have a guest room. That can be rented for $500. A month. Every month you don't rent it is $500. In unrealized capital gains.

This law isn't an attack on the rich. It's to strip the middle class of assets.

Understood .. what happens when there is a capital loss? You invest $25K in the market, trade it at $23K for an immediate funding need, and lose money. Do you get a credit? What happens when your capital gains are variable? One year you have $25k in unrealized value, and the next year you have $10K in unrealized value? Do investors get taxed once they sell their investments (again)?

It's an absolute way to discourage investing opportunities, and many will respond by finding other means, like getting a loan, to minimize their tax burdens. There is no "fair share," as the bottom 50%-ish pay little to no income tax once credits and EIC are applied.

 

[hadit]

Understood .. what happens when there is a capital loss? You invest $25K in the market, trade it at $23K for an immediate funding need, and lose money. Do you get a credit? What happens when your capital gains are variable? One year you have $25k in unrealized value, and the next year you have $10K in unrealized value? Do investors get taxed once they sell their investments (again)?

It's an absolute way to discourage investing opportunities, and many will respond by finding other means, like getting a loan, to minimize their tax burdens. There is no "fair share," as the bottom 50%-ish pay little to no income tax once credits and EIC are applied.

Exactly. Which of the pro-taxers is going to propose tax REFUNDS for unrealized losses?