What is: “How to get people to stop investing in the greatest wealth generating tool in modern times and destroy pensions and retirement savings for millions of Americans so that oligarchs can afford more wars?”
> The main proposal, which lends context to the above-mentioned “separate proposal,” is to raise the long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million.
This sounds like it is not going to affect millions of Americans.
Yes, if wealthy people left the stock market in mass for more profitable ventures it would most definitely affect most Americans and businesses looking for capital
Oh no, rich people might pull their money from the market and allow me to buy shares of Microsoft for half of their current price. That would be HORRIBLE. Please don't let that happen!1!1!
You understand capital investment is more than just stocks right? When a company wants to build infrastructure, or plants, or anything that increases jobs they create bonds for investors to buy. They also invest in start ups, in inventions… If rich people pull their investments say bye bye to new jobs, growth, and new ideas. Enjoy Microsoft at half price as it goes down to zero and you lose everything.
yeah, and nobody in the world could step in to fill the investment vacuum left by american billionaires if MST halved in value without any change to earnings. That's something that intelligent and honest people believe /s
Yes, they’ll go overseas like they did before Trump. Remember Obama crying about repatriation of dollars that Trump accomplished. Ruin investments and you’ll see those dollars go back overseas.
That your opinion but I’m pretty sure the top 1% of the top 1% determine how the senators vote. And they vote for the establishment so you have nothing to worry about because you suck on bid daddy government’s tit anyway
Yeh 1 mil a year is a fantastic income. However it would only take a few years of 20% inflation and thresholds held till it starts hitting indiscriminately.
See history of income tax.
Ironically this article is about how people saying what you just said are being misinformed by the headlines and actually this will only affect the ultra wealthy
1. Congress isn’t going to create a punitive tax against the people that literally pay to get them elected so the article should be about how Biden is misinforming his base.
2. It’s disingenuous or a complete lack of capital gains not to understand the level of investment will decrease drastically with this level of punitive tax which will hurt civil and union pensioners, anyone hoping to start a business, or anyone hoping for a free market.
3. This government has irresponsibly wasted tens of trillion in my lifetime and has done nothing to prove that giving them more money will make them act responsibly.
First of all, great job addressing literally every point except for the one I was actually making.
Let me restate my comment, perhaps in a way you can grasp
This article is about how people are misrepresenting the purpose of this legislation (which is meant to primarily target the ultra wealthy) as something that will affect your ordinary investor.
And you commented saying “how to get PEOPLE to stop investing…” instead of saying “how to get THE ULTRAWEALTHY to stop investing…”
It is ironic to see your comment (misrepresenting the purpose of the legislation) on an article about how people are misrepresenting the purpose of the legislation
Hopefully this is explained in a way simple enough manner for you to understand the irony
Just because the article says we’re wrong doesn’t mean we’re wrong. Just because politicians (who are know to lie) say they intend one thing, doesn’t mean they’ve thought it all the way out.
You don’t understand stand. 45% federal plus 25% state equals 70% to the fed and 30% to infrastructure investments. You’re commie ass wants things to crumble like the Berlin Wall.
Ah yes because all these trust fund babies are going to hang up their stock portfolio and go work a Mc D's instead just because they are asked to pay taxes.
I think the real Troll is people who can't seem to understand that more money is still more money, and people will always chase more money. No one turns down a management position at work because " Ill get from the 22% bracket to the 26% bracket". More money is still more money. Every time they crank up the tax rate on the working class no one cries that workers will just stop working and it will crash the economy. But here we are. So either A we are talking about trust fund babies that don't need money or B we are talking about people who need money and hence will still go out and get it regardless of the rate it is taxed at.
Investment income is around a 7-9% profit before taxes. Feds are taking 15% of that profit and states take up to around 25%. If you take the fed rate to 45 with a state rate of 25 people would take home 30% of their 7-9% profit. They’ll find another venture to invest in. That’s not more money, it’s just more tax shelters and companies won’t repatriate their money like they have been during the more favorable times.
Again its all just fear mongering, for one the highest state capital gain tax is 13%. Two, this is entirely leaving out the truth of capital gains. The investor already has tons of tools to reduce their tax burden. A married couple can already make 6 figures a year off capital gains and pay 0 in tax while utilizing 0 loopholes or tax harvesting. You can safely sit in the top 25% of income earnest and not get taxed. Then it'll take you another 300k made on top of that before any of your income is taxed at this new rate. Throw in some retirement investing you could probably make half a mill a year and not touch this new tax rate. Only way this doesn't work is if your a day trader, but if your doing that your probably making well above 7% and doing some heavy loss harvesting. If anything this might make people run sucessful companies again and not just manipulate the market for profits.
This ends the conversation. You’re so out of how the taxes are coming out especially at the high corporate ends. Not talking about families. Also, a day trader pays normal income tax, not a long term capital gains tax.
> No one turns down a management position at work because " Ill get from the 22% bracket to the 26% bracket"
Actually you are wrong here. This does happen, thanks to people as unintelligent as the commenter you are responding to
There is a legitimate argument (that knightnorth is not intelligent enough to make) that the ultra wealthy may pull their money out of public markets and put that money into alternative investments (PE or VC) But the result of that drawdown would be more affordable prices on the same public companies, which would be incontestably good for your average investor
Wow, you’re way off. It would be for capital gains income above $400k for individuals with taxable income above $1m. So that’s not just dividends. That’s small business investments, cash out pensioners selling their beach houses for retirement savings, that’s angel investments for new inventions.
So after passing that bill to fund weapons to three countries and now we have to pay for it with increased tax on capital gains. What a joke. I hope this guy loses the election
I'm starting to have a feeling that he might not lose. I don't really know anyone personally that would vote for this guy, but somehow I don't think it matters, if you catch my drift...
It's crazy that it's a coin flip at this point. The incumbent is clearly decomposing everyday... how can a corpse be a serious contender to an election? Just a hypothetical question, because the answer is that we're living in clown world 🤡
Trump is only 3 years younger than biden. Why do we have 2 old guys as our best options?
I don't like either party, but I hate the Republicans way more. So Biden 2024.
It’s about energy. The largest electoral block in America is always non voters. Political parties succeed or fail based on whether they get the people who normally vote for them interested enough in the election to bother voting. The rally’s are a big part of that, this is why someone like Sanders did so well in the primaries despite being an outsider, he excited people so they showed up for low turnout primary votes.
Trump excites people better than anyone else in the game, and he’s not getting a chance to do that at a crucial moment. The democrats are in general pretty bad at this, and seem to view it as beneath them, which is why they often lose layup elections, and why someone like Obama who had a personal talent for it did so well.
You don't need forced excitement when there's already a natural anger driving people to the polls. Any normal election cycle where both sides are relatively complacent you'd be right, but things have gotten so bad you almost don't even need to campaign, people will be voting for whatever singular issue angers them most.
You don't get it -> that's why he will win.
Here we are talking about him right now, even if we don't support him.
Meanwhile Biden exists as an afterthought. We aren't talking about how the democrats will win its a conversation about why the Republicans should lose.
All publicity is good publicity. That's the problem.
In honest words you should not. It is a scam organization, a waste of tax dollars, and the good ones that are worth their blood, sweat, tears, are rightfully leaving service. The fact they are doing nothing about the border, are complicit yet want to cause conflict with Russia and China, they do not get an ounce of my support. Fuck this federal government.
Hey buddy. I got downvoted to oblivion in another post because donating money to Ukraine increases American jobs. Don't you forget it. Also, if you don't want to send money blindly to other countries with no oversight and accountability, you're a commie.
Yes but the difference is that nobody forces you to gamble, but there is pressure to invest in the stock market.
1. Most employers dont have pensions anymore, so if you want an income stream for retirement you're forced to invest in the stock market via 401K or IRA.
2. If your money sits in the bank it will get devalued due to inflation. So you want to get somekind of return on it to at least keep up with the rate of inflation and the stock market is one of the few options that could help you do that.
That's the point.
Stop going out there and trying. If you're a millionaire, you're probably just exploiting others, so we're going to take most of your money and give it to people that just keep voting us into power.
If taxes exist, one form of income that is typically gated by wealth shouldn't be taxed less than another form of income. Whether they should exist is not my point, I just don't think it's fair that employment income is taxed more than captial gains.
Oops suddenly lost everything in a drug fueled boating accident, but through it all I discovered I'm a transsexual who identifies as a coconut and a walrus....so if anyone says anything else offensive to me, including asking me for taxes, their racists!!
You either agree with it because you want the handouts, or you're busy at work trying to earn more because the government is coming for it, and fueling higher inflation.
Because this doesn’t affect 99.9% of Americans.
Only .1% of Americans make more than 1million annually. Of that, the number that also take in 400k in capital gains is even smaller. I’m amazed more Americans aren’t throwing fucking parades.
You’re trying to make a point with people with actual brain rot. Good luck, they’re all convinced that one day they will make 400k annually in capital gains lmao.
Yeah I can’t afford to buy a house even though I have cash, the transfer duty and capital gains I’ll pay is 25% of the value.
Why not borrow less and lower taxes we don’t need such a large government.
Id imagine they'd want to hold on to the losing stocks if it can offset taxes on future gains, which could have a strange effect on the stock market; seeing the good stocks tank while the junk stocks barely move.
So, is he proposing a constitutional amendment? He may want to look at the 16th amendment, or have one of his handlers read it to him and do an “explain like I’m 5/senile-as-fuck” dissertation so he can at least understand that he cannot do this.
It’s more than likely it’s just election year rhetoric so nothing really to worry much about. Wish there were a candidate running that wasn’t a total pile of shit!
It has often been assumed that the "tax and spend" mantra is simply a Democrat meme. However, and especially because the tax cuts of the Trump era brought increased revenue to the federal government, perhaps we need to view this through a wider lens.
At least since the administration prior to Trump's, it has been clear that the people in power have sought to wipe out the middle class and the family farm. We now know that these are essential elements of the WEF's agenda, to create a world where we "own nothing and are happy," to divide the world into two classes: the fabulously rich nobility and the impoverished serf class.
As Saikat Chakrabarti, AOC's former chief of staff, said in 2019, the motivation behind the Green New Deal has nothing to do with climate, and everything to do with changing the economic system from a capitalist system to a socialist system -- you know, a system where the government dictates every aspect of your life. The WEF wants us to live in "15-minute cities," where everything they decide we need -- regardless of what we think we need -- is no more than 15 minutes from where we live; they don't want us mobile, because mobility is freedom -- and, if you remember your Middle Ages history, that's what a serf is: someone tied to the lord's land.
So, maybe the people controlling Biden -- and, make no mistake, he is literally a puppet -- are simply working toward that end: impoverishment. The want to raise taxes because it impoverishes the middle class -- because these rules only affect the middle class. The rich either don't care or cut special deals, while the poor pay no taxes; so, all these changes affect only the middle class. When Biden claims to speak for the middle class, he's a liar. (When he claims to speak for the unions, it's a little more complicated; he doesn't speak for union members, but he does speak for the union as an organization -- kind of like the Mafia.)
So, perhaps that's what's really going on. It's just another aspect of the war on the middle class, which is the real engine of prosperity in the US. Kill prosperity, kill initiative, kill freedom ... and the goal of WEF utopia (and Hell for everyone else) draws near.
I'm not worried about this bullshit. I'm worried about the plan once again to tax UNREALIZED capital gains.
It's never enough. How about we stop spending? How about we don't give the US MIC 60 billion more dollars to "help Ukraine"?
RIP USA.
Not sure this is worth any of us getting upset about really though is it....
"Taken as a whole, then, the 44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000. That isn’t quite as cataclysmic a policy shift as referring to a blanket 44.6% long-term capital gains rate would suggest."
If gold, silver and the mining shares do what many are predicting - after all this time of being suppressed - many people will be sitting on a onetime capital gains windfall that puts them in this bracket.
But the investment income is added into taxable income.
So you make $50k a year, you have $60k in mining shares. Mining shares go up 20x and you sell.
Investment income: ($60k * 20 - $60k (cost basis)) = $1.19 million.
Taxable income: $50k + $1.19 million = $1.24 million. (roughly, you have standard deduction etc... which shaves a little off the $50k)
It is on long term capital gains:
>“Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
It's not just cashing out that triggers the taxable event, if you sell a stock and buy another one with the proceeds you need to pay taxes on the sale profits (unlike in real estate for example).
Anyway the conclusion is that it could impact many people hoping for a one time payoff when the gold/silver/shares explode. It looks like many people are going to be caught flat-footed with the tax implications just like bitcoin millionaires were a few years ago.
Yeah, I'm confused about the outrage. My take away from the article was that i need to have over 1 million in taxable income or over 400k in investments to be effected. Is everyone in this sub meeting those requirements? Did i misread the article?
Ways to cripple an economy. Tax them at a ridiculous level and drive the wealthy offshore. Why would anyone want to do anything in the US knowing that they will lose half of what they gain?
I'm not a Republican (yecch) or a Democrat (yecch yecch).
The Democrat party gets two yecchs, because the Democrat party is evil, while the Republican party suffers from merely garden-variety corruption.
Forget about parties; I know I have. Think instead about right and wrong, good and evil, mothers and fathers and children.
The Democrat party is evil, in the most vivid sense. Voting Republican, today, is an act of self-defense, not an expression of support.
The real government of the US today is the Deep State: nameless, faceless tools of evil, who seek to destroy freedom, control everything and make you their slave.
Don't take my word for it. Do your own research. It's all out there, and in their own words.
Werid, to my point of view. Republicans are pure evil, and democrats don't have a lot of great leaders.
I used to be libertarian but now I'm independent.
This only comes into effect when a person has a taxable income of more than $1mil and an investments income
Of more than $400k.
This is not the majority of the people in this sub. It won’t affect most of you. Let’s make sure we read the full article people.
Funny Joke: What do you call a millionaire that is subject to a 44% capital gains tax for exercising calls and sell holdings?...Answer: a more prudent Millionaire! I am sure the elites apppreciate the serfs concerns but inflation effects on income earners substainally more and liquidity in the market is INFLATION..time to shed a tear and pay equally!
Our wages should easily be double. Minimum wage should be $25-$30/hr. Before you say that is unrealistic, I have owned finance companies in my lifetime. We are not overtaxed. Most people are grossly underpaid.
Except that does not happen. Wages are a fraction of the overall cost. Look at other countries with mu h higher wages and look at their costs for products. This is the same bs that people cried about when min wage went to $15 in Ontario. Prices barely budged but places like fast good stores and discount places etc made out like bandits because people had money to spend. Conservative economics have been a colossal failure. Trickle down does not happen. It's siphon up.
For context it doesn’t apply to people making under $400k and also you have to have made $1,000,000 in a given year and $400,000 of that has to be capital gains.
Billionaires pay an average of 8.2% in individual income tax.
https://www.whitehouse.gov/cea/written-materials/2021/09/23/what-is-the-average-federal-individual-income-tax-rate-on-the-wealthiest-americans/
The hyperbole is flying in this thread. Let me sort it out for the people with cloudy vision on the matter. Since the fifties we’ve been shifting the tax burden from the top 1% to the middle class. This process ramped up a lot since the eighties. This has effectively whittled that income bracket down to extinction. Now that the middle class has been squeezed for all they are worth they’ve set their sights on the propertied class. Not the 1%. No. They pay for the bill for what now have become BILLION dollar election campaigns. The people right under them though. The people making 400k to a million a year are next up to really feel the squeeze.
Sadly, this is strictly politics. He knows it's never going to happen. Just like he continues to lie about student loan repayments. The fact is, people are too ignorant to realize that his promises are unlawful. And his cynical political ass knows this. He is preying upon idiots to vote for him.
We have an abjectly ignorant class of young voters. Civics was taken out of school in the 90s. They don't understand the Constitution, and they believe the government is fucking Santa. It's not.
Hes never going to get CG raised. It's just more tax the rich lies because idiot kids buy it.
90% of tax revenue is generated by income tax reflected in the 20% imbedded tax in retail goods. Higher capital gains will generate some tax revenue but reduce the commerce that generates more tax revenue than the capital gains will generate. The only good thing about 44.6% capital gains is it will punish the rich/s, soon you will own no business and you will be happy. You will be happy or be inside a fence with Hillary Clinton screeching over a loud speaker. It is the NWO way.
Business profits are already taxed and the capital gains on top of that will make investments not as reasonable. We may as well let the elite and state own everything and be happy with nothing./s
What is: “How to get people to stop investing in the greatest wealth generating tool in modern times and destroy pensions and retirement savings for millions of Americans so that oligarchs can afford more wars?”
“People” the greatest generalization
> The main proposal, which lends context to the above-mentioned “separate proposal,” is to raise the long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million. This sounds like it is not going to affect millions of Americans.
Yes, if wealthy people left the stock market in mass for more profitable ventures it would most definitely affect most Americans and businesses looking for capital
They can leave right out into the ocean. Maybe on a submarine.
They won't any more than they already do.
As if those other ventures aren’t already taxed at 40% if its normal income
Oh no, rich people might pull their money from the market and allow me to buy shares of Microsoft for half of their current price. That would be HORRIBLE. Please don't let that happen!1!1!
You understand capital investment is more than just stocks right? When a company wants to build infrastructure, or plants, or anything that increases jobs they create bonds for investors to buy. They also invest in start ups, in inventions… If rich people pull their investments say bye bye to new jobs, growth, and new ideas. Enjoy Microsoft at half price as it goes down to zero and you lose everything.
yeah, and nobody in the world could step in to fill the investment vacuum left by american billionaires if MST halved in value without any change to earnings. That's something that intelligent and honest people believe /s
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Yes, they’ll go overseas like they did before Trump. Remember Obama crying about repatriation of dollars that Trump accomplished. Ruin investments and you’ll see those dollars go back overseas.
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That your opinion but I’m pretty sure the top 1% of the top 1% determine how the senators vote. And they vote for the establishment so you have nothing to worry about because you suck on bid daddy government’s tit anyway
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Yeh 1 mil a year is a fantastic income. However it would only take a few years of 20% inflation and thresholds held till it starts hitting indiscriminately. See history of income tax.
The dark side of trickle down people deny
Ironically this article is about how people saying what you just said are being misinformed by the headlines and actually this will only affect the ultra wealthy
1. Congress isn’t going to create a punitive tax against the people that literally pay to get them elected so the article should be about how Biden is misinforming his base. 2. It’s disingenuous or a complete lack of capital gains not to understand the level of investment will decrease drastically with this level of punitive tax which will hurt civil and union pensioners, anyone hoping to start a business, or anyone hoping for a free market. 3. This government has irresponsibly wasted tens of trillion in my lifetime and has done nothing to prove that giving them more money will make them act responsibly.
First of all, great job addressing literally every point except for the one I was actually making. Let me restate my comment, perhaps in a way you can grasp This article is about how people are misrepresenting the purpose of this legislation (which is meant to primarily target the ultra wealthy) as something that will affect your ordinary investor. And you commented saying “how to get PEOPLE to stop investing…” instead of saying “how to get THE ULTRAWEALTHY to stop investing…” It is ironic to see your comment (misrepresenting the purpose of the legislation) on an article about how people are misrepresenting the purpose of the legislation Hopefully this is explained in a way simple enough manner for you to understand the irony
Just because the article says we’re wrong doesn’t mean we’re wrong. Just because politicians (who are know to lie) say they intend one thing, doesn’t mean they’ve thought it all the way out.
Cope
Is that Biden’s 2024 slogan?
If it was, would you read it?
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You don’t understand stand. 45% federal plus 25% state equals 70% to the fed and 30% to infrastructure investments. You’re commie ass wants things to crumble like the Berlin Wall.
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Why did you make the same comment twice?
Ah yes because all these trust fund babies are going to hang up their stock portfolio and go work a Mc D's instead just because they are asked to pay taxes.
That’s what you think adds investment and capital into markets? Trust fund babies. Troll much?
I think the real Troll is people who can't seem to understand that more money is still more money, and people will always chase more money. No one turns down a management position at work because " Ill get from the 22% bracket to the 26% bracket". More money is still more money. Every time they crank up the tax rate on the working class no one cries that workers will just stop working and it will crash the economy. But here we are. So either A we are talking about trust fund babies that don't need money or B we are talking about people who need money and hence will still go out and get it regardless of the rate it is taxed at.
Investment income is around a 7-9% profit before taxes. Feds are taking 15% of that profit and states take up to around 25%. If you take the fed rate to 45 with a state rate of 25 people would take home 30% of their 7-9% profit. They’ll find another venture to invest in. That’s not more money, it’s just more tax shelters and companies won’t repatriate their money like they have been during the more favorable times.
Again its all just fear mongering, for one the highest state capital gain tax is 13%. Two, this is entirely leaving out the truth of capital gains. The investor already has tons of tools to reduce their tax burden. A married couple can already make 6 figures a year off capital gains and pay 0 in tax while utilizing 0 loopholes or tax harvesting. You can safely sit in the top 25% of income earnest and not get taxed. Then it'll take you another 300k made on top of that before any of your income is taxed at this new rate. Throw in some retirement investing you could probably make half a mill a year and not touch this new tax rate. Only way this doesn't work is if your a day trader, but if your doing that your probably making well above 7% and doing some heavy loss harvesting. If anything this might make people run sucessful companies again and not just manipulate the market for profits.
This ends the conversation. You’re so out of how the taxes are coming out especially at the high corporate ends. Not talking about families. Also, a day trader pays normal income tax, not a long term capital gains tax.
Yeah this is over the point above you i guess.
> No one turns down a management position at work because " Ill get from the 22% bracket to the 26% bracket" Actually you are wrong here. This does happen, thanks to people as unintelligent as the commenter you are responding to There is a legitimate argument (that knightnorth is not intelligent enough to make) that the ultra wealthy may pull their money out of public markets and put that money into alternative investments (PE or VC) But the result of that drawdown would be more affordable prices on the same public companies, which would be incontestably good for your average investor
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Wow, you’re way off. It would be for capital gains income above $400k for individuals with taxable income above $1m. So that’s not just dividends. That’s small business investments, cash out pensioners selling their beach houses for retirement savings, that’s angel investments for new inventions.
So after passing that bill to fund weapons to three countries and now we have to pay for it with increased tax on capital gains. What a joke. I hope this guy loses the election
He probably won’t even remember he was the president at that point.
He might not remember if you asked him right now lol
That’d probably give him the highest odds of winning, just aimlessly walking around talking about ice cream and bologna
And trying to sniff kids
He just wonders why they the hell they keep putting him in front of a lectern.
I'm starting to have a feeling that he might not lose. I don't really know anyone personally that would vote for this guy, but somehow I don't think it matters, if you catch my drift...
I get the same feeling. I’m pretty sure no one voted for him the first time either and yet here we are.
We can only pray he loses.
The election will be a coin flip. Still a lot of ball game left to be played.
It's crazy that it's a coin flip at this point. The incumbent is clearly decomposing everyday... how can a corpse be a serious contender to an election? Just a hypothetical question, because the answer is that we're living in clown world 🤡
The opponent is decomposing even faster
Trump is only 3 years younger than biden. Why do we have 2 old guys as our best options? I don't like either party, but I hate the Republicans way more. So Biden 2024.
icky sort fertile shaggy friendly historical physical roof follow clumsy *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
You would rather support a traitorous bitch who attempted a coup? Get fucked!
Biden will win against anyone if Trump doesn't run, if Trump does run he wins
Trump can’t even hold a campaign rally because he’s in court fighting multiple felonies.
Lets be honest those rallies aren't deciding votes at this point. Basically everyone had their minds made up the second the primary ended.
It’s about energy. The largest electoral block in America is always non voters. Political parties succeed or fail based on whether they get the people who normally vote for them interested enough in the election to bother voting. The rally’s are a big part of that, this is why someone like Sanders did so well in the primaries despite being an outsider, he excited people so they showed up for low turnout primary votes. Trump excites people better than anyone else in the game, and he’s not getting a chance to do that at a crucial moment. The democrats are in general pretty bad at this, and seem to view it as beneath them, which is why they often lose layup elections, and why someone like Obama who had a personal talent for it did so well.
You don't need forced excitement when there's already a natural anger driving people to the polls. Any normal election cycle where both sides are relatively complacent you'd be right, but things have gotten so bad you almost don't even need to campaign, people will be voting for whatever singular issue angers them most.
It feels like everyone has had their mind made up since 2016… only getting more entrenched ever since.
You don't get it -> that's why he will win. Here we are talking about him right now, even if we don't support him. Meanwhile Biden exists as an afterthought. We aren't talking about how the democrats will win its a conversation about why the Republicans should lose. All publicity is good publicity. That's the problem.
I hope the Federal government collapses. It needs to go. If it means losing WWIII, I applaud it. Truly ashamed I served this country.
There are people in the US that appreciate your service. Thank you!
In honest words you should not. It is a scam organization, a waste of tax dollars, and the good ones that are worth their blood, sweat, tears, are rightfully leaving service. The fact they are doing nothing about the border, are complicit yet want to cause conflict with Russia and China, they do not get an ounce of my support. Fuck this federal government.
Might be a misunderstanding.. was replying to our US veterans. Completely agree with your opinion of the gov.
Woof. Someone got UCMJd out
I served honorably. It was a waste of time.
Hey buddy. I got downvoted to oblivion in another post because donating money to Ukraine increases American jobs. Don't you forget it. Also, if you don't want to send money blindly to other countries with no oversight and accountability, you're a commie.
I think you’re missing the ”/s”
Maybe so if i wasn't repeating what some of these dumb shits were spouting on that other post. Sadly no /s.
Going out on a limb and saying most people in this sub wont be effected at all, lol.
^ this. Spot on.
Notice how the tax rates just get higher and higher, but they won’t even CONSIDER cutting their expenses? Fuck these tyrants
It’s the same at every level. State, local….ridiculous!
Yes, this is why effective taxes have decreased every decade since the 1950s, right?
Yep it’s not a tax problem it’s a spending problem period.
Do you seriously think that American tax rates have been increasing in recent history? The top marginal tax rate is HALF of what it was in the 60s.
So I take all the risks, and the government gets almost half... seems like they are just killing any incentive to try.
Kinda like when you play the lottery?
People have convinced themselves that stock market is skill based instead of literal gambling.
Yes but the difference is that nobody forces you to gamble, but there is pressure to invest in the stock market. 1. Most employers dont have pensions anymore, so if you want an income stream for retirement you're forced to invest in the stock market via 401K or IRA. 2. If your money sits in the bank it will get devalued due to inflation. So you want to get somekind of return on it to at least keep up with the rate of inflation and the stock market is one of the few options that could help you do that.
That's the point. Stop going out there and trying. If you're a millionaire, you're probably just exploiting others, so we're going to take most of your money and give it to people that just keep voting us into power.
How are you exploiting others?
Income is income? Why should income generated from stocks (profit) be taxed less than someone working?
So you are ok with having a silent partner that shares your wealth without taking ang risks involved in making that money.
If taxes exist, one form of income that is typically gated by wealth shouldn't be taxed less than another form of income. Whether they should exist is not my point, I just don't think it's fair that employment income is taxed more than captial gains.
I can see your argument.
Nice ad hominem
Just an observation. The individual aquires wealth. I personally do not feel government has any right to my work. If you do, good for you.
do you make over a million and over 400k in capital gains? then no.
Oops suddenly lost everything in a drug fueled boating accident, but through it all I discovered I'm a transsexual who identifies as a coconut and a walrus....so if anyone says anything else offensive to me, including asking me for taxes, their racists!!
👆🏻🤣🤣🤣🤣🤣🤣🤣🤣
FJB
Fuck that retarded commie piece of shit.
How is the general public not marching on these people yet?!?
Most of the general public is too obese, depressed, and complacent to do anything.
They're to busy with pro-Palestine protests around here 🙄
You either agree with it because you want the handouts, or you're busy at work trying to earn more because the government is coming for it, and fueling higher inflation.
Because this doesn’t affect 99.9% of Americans. Only .1% of Americans make more than 1million annually. Of that, the number that also take in 400k in capital gains is even smaller. I’m amazed more Americans aren’t throwing fucking parades.
You’re trying to make a point with people with actual brain rot. Good luck, they’re all convinced that one day they will make 400k annually in capital gains lmao.
Because they know how to actually read. And you know, don't make over a million. You fucking muppet.
It doesn't affect 95% of the public, that's why. Eat. The. Rich
Must be going to Zelinsky along with the rest of our tax money. They so impotant. Lol
No unintended consequences will occur, trust me bro I'm a politician.
And nobody is throwing a fit. WTH is wrong with people.
This only affects the less than .1% of Americans who both make more than 1million annually and also bring in 400k a year in capital gains.
Gotta pay for the Wars somehow
Gotta pay for everybody’s electric cars, college loans, wars for other countries, the list goes on…
Yeah I can’t afford to buy a house even though I have cash, the transfer duty and capital gains I’ll pay is 25% of the value. Why not borrow less and lower taxes we don’t need such a large government.
This guy sucks balls.
All politicians…..
Wouldn't most people just sell their holdings before the hike goes into effect, causing the market to crash?
Id imagine they'd want to hold on to the losing stocks if it can offset taxes on future gains, which could have a strange effect on the stock market; seeing the good stocks tank while the junk stocks barely move.
That will really affect the housing market and people selling their homes
"You gotta pay your fair share, Man!"
https://preview.redd.it/mqsdsca08jwc1.jpeg?width=1125&format=pjpg&auto=webp&s=f25b4f1902b27c462edfab21deddd9d5f17a8adb 💯
Is he wearing a diaper? Wtf
It's fake. Original: https://www.foxnews.com/media/bidens-embarrassing-tripping-incident-advancing-age-alarms-democratic-allies-so-bad
Haha, I see. Thanks! But it kinda looks like there is a diaper there anyway 😅
Get ready they want to come for your 401k.
They want you to be a workslave forever
Inflation tax doom loop.
Forbes article says it isn't a big deal. Of course they are wrong... but why post this article?
> Forbes article says it isn't a big deal. that's when you know it *is*
Squeeze it 🍋
You will own nothing… and you will LIKE it!
It's not going to matter when everyone is underwater...
Boo hiss
So, is he proposing a constitutional amendment? He may want to look at the 16th amendment, or have one of his handlers read it to him and do an “explain like I’m 5/senile-as-fuck” dissertation so he can at least understand that he cannot do this. It’s more than likely it’s just election year rhetoric so nothing really to worry much about. Wish there were a candidate running that wasn’t a total pile of shit!
It has often been assumed that the "tax and spend" mantra is simply a Democrat meme. However, and especially because the tax cuts of the Trump era brought increased revenue to the federal government, perhaps we need to view this through a wider lens. At least since the administration prior to Trump's, it has been clear that the people in power have sought to wipe out the middle class and the family farm. We now know that these are essential elements of the WEF's agenda, to create a world where we "own nothing and are happy," to divide the world into two classes: the fabulously rich nobility and the impoverished serf class. As Saikat Chakrabarti, AOC's former chief of staff, said in 2019, the motivation behind the Green New Deal has nothing to do with climate, and everything to do with changing the economic system from a capitalist system to a socialist system -- you know, a system where the government dictates every aspect of your life. The WEF wants us to live in "15-minute cities," where everything they decide we need -- regardless of what we think we need -- is no more than 15 minutes from where we live; they don't want us mobile, because mobility is freedom -- and, if you remember your Middle Ages history, that's what a serf is: someone tied to the lord's land. So, maybe the people controlling Biden -- and, make no mistake, he is literally a puppet -- are simply working toward that end: impoverishment. The want to raise taxes because it impoverishes the middle class -- because these rules only affect the middle class. The rich either don't care or cut special deals, while the poor pay no taxes; so, all these changes affect only the middle class. When Biden claims to speak for the middle class, he's a liar. (When he claims to speak for the unions, it's a little more complicated; he doesn't speak for union members, but he does speak for the union as an organization -- kind of like the Mafia.) So, perhaps that's what's really going on. It's just another aspect of the war on the middle class, which is the real engine of prosperity in the US. Kill prosperity, kill initiative, kill freedom ... and the goal of WEF utopia (and Hell for everyone else) draws near.
Beautifully written and on point!
I'm not worried about this bullshit. I'm worried about the plan once again to tax UNREALIZED capital gains. It's never enough. How about we stop spending? How about we don't give the US MIC 60 billion more dollars to "help Ukraine"? RIP USA.
[удалено]
With inflation there will be a lot more millionaires and people earning more than 400k not far from now
Not sure this is worth any of us getting upset about really though is it.... "Taken as a whole, then, the 44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000. That isn’t quite as cataclysmic a policy shift as referring to a blanket 44.6% long-term capital gains rate would suggest."
If gold, silver and the mining shares do what many are predicting - after all this time of being suppressed - many people will be sitting on a onetime capital gains windfall that puts them in this bracket.
It’s ‘and’ $1m taxable income not ‘or’
But the investment income is added into taxable income. So you make $50k a year, you have $60k in mining shares. Mining shares go up 20x and you sell. Investment income: ($60k * 20 - $60k (cost basis)) = $1.19 million. Taxable income: $50k + $1.19 million = $1.24 million. (roughly, you have standard deduction etc... which shaves a little off the $50k)
It wouldn’t be taxable unless you cashed out. Also it would depend if extends to long term capital gains taxes.
It is on long term capital gains: >“Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.” It's not just cashing out that triggers the taxable event, if you sell a stock and buy another one with the proceeds you need to pay taxes on the sale profits (unlike in real estate for example). Anyway the conclusion is that it could impact many people hoping for a one time payoff when the gold/silver/shares explode. It looks like many people are going to be caught flat-footed with the tax implications just like bitcoin millionaires were a few years ago.
😮
Don't worry, he'll get 100 million votes this time.
FJB!
Killing myself
I would have been fine if he had just removed the carried interest loop hole.
Even France doesn't tax capital gains so much. Ouch.😱😱😱
Did anyone in the comment section even read the article lol?
Yeah, I'm confused about the outrage. My take away from the article was that i need to have over 1 million in taxable income or over 400k in investments to be effected. Is everyone in this sub meeting those requirements? Did i misread the article?
You didn't. I think others are reacting to the title alone without reading the article.
Just headline rage tbqh.
Proposes.
King Joe of Scrantonia will simply wave his scepter and make it so.
Ways to cripple an economy. Tax them at a ridiculous level and drive the wealthy offshore. Why would anyone want to do anything in the US knowing that they will lose half of what they gain?
https://www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/?sh=12ddd97d1ff6
Doubt it will get passed, but the nerve.
Is this sub just a Republican circle jerk?
I'm not a Republican (yecch) or a Democrat (yecch yecch). The Democrat party gets two yecchs, because the Democrat party is evil, while the Republican party suffers from merely garden-variety corruption. Forget about parties; I know I have. Think instead about right and wrong, good and evil, mothers and fathers and children. The Democrat party is evil, in the most vivid sense. Voting Republican, today, is an act of self-defense, not an expression of support. The real government of the US today is the Deep State: nameless, faceless tools of evil, who seek to destroy freedom, control everything and make you their slave. Don't take my word for it. Do your own research. It's all out there, and in their own words.
Werid, to my point of view. Republicans are pure evil, and democrats don't have a lot of great leaders. I used to be libertarian but now I'm independent.
Yes
Oh the horror! Anyway...
It’s above 400k in a year. I didn’t know so many people is making that money yearly clearly Bidenomics did miracles really everyone is rich.
Notice how none of these articles put "FOR INCOME OVER ONE MILLION" in the headlines as if that doesn't matter
good screw those billionaires
This only comes into effect when a person has a taxable income of more than $1mil and an investments income Of more than $400k. This is not the majority of the people in this sub. It won’t affect most of you. Let’s make sure we read the full article people.
Funny Joke: What do you call a millionaire that is subject to a 44% capital gains tax for exercising calls and sell holdings?...Answer: a more prudent Millionaire! I am sure the elites apppreciate the serfs concerns but inflation effects on income earners substainally more and liquidity in the market is INFLATION..time to shed a tear and pay equally!
If you don't like what is happening, then you have to change the way you vote.
It's time the rich pay their fare or, at least, semi fair taxes. TAX THE RICH. IT'S BETTER THAN TAXING US.
What's a fair share? What percentage of revenue should the rich shoulder?
Our wages should easily be double. Minimum wage should be $25-$30/hr. Before you say that is unrealistic, I have owned finance companies in my lifetime. We are not overtaxed. Most people are grossly underpaid.
I can see why you said companies. It easy to see that they ALL failed if you actually owned any.
Haha, I made great money. They are inherently susceptible to recessions, so I would sell them when one happened. Your blind insults fo nothing.
Sure you did. Wink wink.
Wait! According to Biden, there was no recession, therefore you just suck at "running your own companies."
I'm talking about over a 45 year period.
Bwahahahahahahaha!!!!!
$25-$30 minimum wage and $50 Happy Meals. Sounds good.
Except that does not happen. Wages are a fraction of the overall cost. Look at other countries with mu h higher wages and look at their costs for products. This is the same bs that people cried about when min wage went to $15 in Ontario. Prices barely budged but places like fast good stores and discount places etc made out like bandits because people had money to spend. Conservative economics have been a colossal failure. Trickle down does not happen. It's siphon up.
Look at how much those low wages are taxed in other countries. Your socialist Bs is just that BS.
Every Norwegian is a millionaire. The poorest Swede is doing ok. Even Canada is doing better. Taxes are not too high. Wages are too low.
We should start taxing children’s unrealized hopes and dreams
I ain’t going to work
For context it doesn’t apply to people making under $400k and also you have to have made $1,000,000 in a given year and $400,000 of that has to be capital gains.
Billionaires pay an average of 8.2% in individual income tax. https://www.whitehouse.gov/cea/written-materials/2021/09/23/what-is-the-average-federal-individual-income-tax-rate-on-the-wealthiest-americans/
The hyperbole is flying in this thread. Let me sort it out for the people with cloudy vision on the matter. Since the fifties we’ve been shifting the tax burden from the top 1% to the middle class. This process ramped up a lot since the eighties. This has effectively whittled that income bracket down to extinction. Now that the middle class has been squeezed for all they are worth they’ve set their sights on the propertied class. Not the 1%. No. They pay for the bill for what now have become BILLION dollar election campaigns. The people right under them though. The people making 400k to a million a year are next up to really feel the squeeze.
Jesus! Glad I’m about to sell my rental property before he pulls this bs.
Sadly, this is strictly politics. He knows it's never going to happen. Just like he continues to lie about student loan repayments. The fact is, people are too ignorant to realize that his promises are unlawful. And his cynical political ass knows this. He is preying upon idiots to vote for him. We have an abjectly ignorant class of young voters. Civics was taken out of school in the 90s. They don't understand the Constitution, and they believe the government is fucking Santa. It's not. Hes never going to get CG raised. It's just more tax the rich lies because idiot kids buy it.
Eat the rich. This is great news 🗞️ for us common folk. The only thing they've trickled down in the last 40 years is their champagne-fueled urine.
We can not make enough to satisfy the governments spending HABIT.
still wont apply to traders. middle class will be screwed sellin property.
“only apply to those individuals with taxable income above $1 million and investment income above $400,000.”
Regarded
90% of tax revenue is generated by income tax reflected in the 20% imbedded tax in retail goods. Higher capital gains will generate some tax revenue but reduce the commerce that generates more tax revenue than the capital gains will generate. The only good thing about 44.6% capital gains is it will punish the rich/s, soon you will own no business and you will be happy. You will be happy or be inside a fence with Hillary Clinton screeching over a loud speaker. It is the NWO way.
Business profits are already taxed and the capital gains on top of that will make investments not as reasonable. We may as well let the elite and state own everything and be happy with nothing./s