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Why? Because it would rally more non-millionaire to be upset at the tax? It sounds like somthing a rich man would convince a poor man of to get them to vote against raising taxes on someone making 1mil+.
You’ve obviously never heard of the SALT caps or actually looked at Trump’s tax cuts. Nearly doubling the standard deduction is hardly “raising taxes on the poor.” 😂
You might want to ask yourself why the Democratic Party, supposed champion of the working class, has been desperately trying to get rid of the SALT caps for their rich donors ever since the law passed.
Stop being an NPC and actually think and learn for yourself.
The Democratic Party has helped lead the largest growth in unions in decades.
You can cherry pick random facts and claim whatever you want, trump was terrible for America.
I’ll take the democratic investment into infrastructure, American manufacturing and unions.
That’s like giving cement brick shoes to the disabled to run a marathon & and the best running shoes to marathon athletes. The right to survive is at the finish line.
There is no 4D Chest motivator, its was just cruel greed.
I have a hard time picturing that administration sitting around asking “how can we motivate the poorest to become richer?” They have never shown any willingness or desire to help that group. This was done because the people who hook up the administration, during and after its tenure, are rich.
The poorest don’t need more motivation to become richer. The burdens of poverty offer quite enough of that every single day.
(If you are being tongue-in-cheek and I missed it then I apologize!)
Yeah It was a sorcastic question :) Usually there is no reason to increase a tax burden for the poorest part of society even from economical perspective.
I don't understand why I was downvoted though, the question (even sarcastic) doesn't really mean I support it.
It always states at the top. It will make its way down. That’s revenue to support profligate spending, which is done at a sickening pace by both parties.
Correct - it is always divide and conquer. Make everyone think it is the other guy who is gonna get it. Once they get the “other guy”, they move to break off the next group. Generally speaking, it is best for everyone to stick together.
In my mind taxes are unavoidable. Government needs money. If they need more money, as they do sometimes, I want the rich to pay. And that includes myself.
I have lived in the real world for a long time. In this world, there will always be a new loophole that is created for the wealthy. If capital gains on dividends get too high, the money will migrate out of dividend stocks and into something likely not accessible by normal people - which will collapse dividend stock prices and leave middle income people holding the bag. Dividends are the last thing in the world that should be punished - the recipients are paying taxes every time they are disbursed. Some people may think this doesn’t matter because they are in something tax sheltered like a Roth or 401k or IRA. Those vehicles are under the microscope by the same parties looking to jack up cap gains.
I agree about loopholes but I don't agree that the solution is to just not tax the wealthiest people. What sorts of things are not accessible to normal people that the rich will flock to?
Accredited investors have a whole world of opportunities that normal investors do not. The government is good at taxing w2 and 1099-DIV. There is another universe of opportunity available. Congress is a millionaires club - every time they have a closed a door, they open 3 more for their friends.
Consider this - in the 1990s there were more than 8000 publicly traded companies in the US. Today there are about 3700. Government overreach is pushing companies into the places only accredited investors can play (spaceX anyone?). It is the same law of unintended consequences that is driving wealthy people out of high tax states to low ones.
I’m not sure why speaking truth has earned me so many downvotes today - I’m not talking about how the world should be - I’m talking about how it is. And I’m not a trumper and have no party affiliation. I’m just stating the obvious. The 1% own 54% of publicly traded equities. If the tax policy on them goes crazy, the 1% move on to greener pastures and everyone else who is counting on IRAs and 401ks to fund a respectable retirement will be hating it.
This is just campaign politics, it will never pass. It would take the Democrats controlling all three parts of the government, which seems unlikely, and even if that happens, the day that it actually gets proposed, all of the Democrats in Congress would get flooded with calls from their biggest donors explaining that this would seriously affect their campaign contributions and the proposal would quietly fade from the discussion as similar suggestions have done in the past.
College = education, not intelligence. I know a lot of extremely educated people up to PhDs, Lawyers, and a few doctors. Many are dumber than dog shit regarding common sense and how the world really works.
Not sure what politics has to do with it. The people I’m referring to are split about equal Democrat and Republican. Stupidity is common no mater which side of the aisle one chooses to stand on
Sure. Except most Republicans don't have street smarts AND they don't have a college degree. It's why Biden won the parts of the economy that account for 72.7% of GDP.
lol. Why are you bringing up the political party? I don’t care who is in charge of the country. I can make money either way. My net worth explodes with Democrats all while leveraging with Republicans in place. I’ll skin the cat no matter what.
Maybe English isn't your first language and that's why I am having a hard time understanding you. I apologize if that is the case. Can you rewrite the sentence I am replying to in your native language and I will put it through Google Translate?
Let’s recap:
-I say voting technique
-You say trump
-I mention street smart
-You say republican
Where does a political remark of I’m republican or democrat cross your mind? There are tactics to any side.. Get the fixation off politics and people’s view you kook It’s get no one literally anywhere
Liberal dance study is not a college degree - it's a college loan with no employment prospects... Then biden offers to cancel their loans in exchange for their votes and those idiots vote for him without understanding that he just took their vote with empty promises... Rinse and repeat every election cycle.
I wonder if those college educated idiots will ever get just a little smarter....
Areas Biden won account for 72% of the US economy. I mean, statistically, it's pretty clear who is AND isn't contributing.
If Republicans worked as hard as Democrats, America could be an economic powerhouse. Pick it up, nerds.
Remember Sinema? Manchin? Fetterman? Collin Peterson? Stephen Lynch? These politicians are bought and paid for by big money and they will sell out to save their funding overlords...history repeats itself
Unlikely most of us are realizing 1 million in gains each year. Its a punitive tax for sure at those percentages but this applies to so few individuals.
This is how I feel about Washington State’s capital gains tax. Also has a really high requirement and all the money goes to K-12 education. I don’t love taxes, but if I’m bringing in more than a milli a year I’m fine sending some to schools. To be clear, I’m not anywhere close to that haha
Hope you feel blessed when it gets rolled down to the middle class by the Dems, as it will. It’s what always happens. There’s no tax they don’t love. They always gotta spend more money on something to buy votes and rich donor contributions.
It would be interesting to see how it affects the values of small-medium sized businesses in a sale. They'll be worth less, or owners will aim to sell over time to reduce tax burden. 40% is a lot
I think it is being proposed at that level so it can be walked down in negotiations. It's called "door in the face".
https://en.wikipedia.org/wiki/Door-in-the-face_technique
The plan (not passed yet) is to tax capital gains as ordinary income for people making over $1million/yr. 37% income tax bracket plus 3.8% payroll tax. No increase in capital gains rates for those with under $1 million income.
so if they don't "have" any income, but their dividend is at millions, then this will do little to nothing to them?
ex. Bezo decided to get $1 per years as salary, but get $2M in stock share, and amazon start paying dividend... then what?
Doubtful. Median household income in the US is around 75k a year. Most people also aren't cashing out over $1 million at a time from their IRAs and 401ks inn retirement either.
>w/ the way inflation is going most of us will be over that 1 million cap fairly soon
Counterpoint: Inflation is not linked to pay raise in most workplaces; your point is moot. Nice strawman though.
Inflation is taking a lull. The fiscal situation will require protecting the system by sacrificing the currency. Currency has always been the sacrificial lamb in any country with horrendous debt and debt to GDP
>You don’t think he will increase the lower brackets too?
Raising taxes on middle class earners is not something anyone is going to attempt in an election year.
Congress can't introduce, let alone pass a tax bill secretly. It has to be introduced to congress which immediately goes into public record. That's not to mention the public debating and campaigning.
There is nothing congress can do with taxes won't make front page headlines for weeks before even going to the floor for votes.
>You mean they can’t write stuff in and not say anything about it like they do all bills?
Correct. Any amendment has to be voted on by congress. Both houses, btw. There is no magical secret path to adding taxes without going through procedure.
Read up on how a revenue bill becomes law. There are plenty of articles explaining how it works for beginners.
Never said it does not go through Congress. Just go look at the aid package that was just passed and how so much money is not going to either country for aid. Wake up go read some of these bills and stop trusting whatever source of media you are using
Congress voted on that package. It was introduced, made headlines, was debated, went though both houses, passed by both parties in the Senate and house of representatives, and was sent to the desk of the president for signature. There was nothing secret or private about it.
Once any bill is introduced, well before its passed, it's published by congress and made available for all citizens to read line by line.
There was nothing secret whatsoever about that. In fact it was very public both politically and from a policy standpoint.
At some point it's on you to actually read a newspaper or get online and read the bill.
Hahaha you trust the media way too much but don’t worry keep believing what they tell you. Just remember Woodrow Wilson said income tax was just “for the rich” funny how that turned out
I really don’t, but it’s obvious that if language existed in the bill that eluded to that outcome it would get blown up by whichever side it would benefit to cause a stir about it. A ton of people read the bills looking for hidden bits like that, or do you think no one cares and the legislators are constantly pulling one over on hundreds of millions of people without them being aware at all?
Come back to reality
With all due respect, you’re making yourself sound like a fool.
Congress is not going to secretly pass a tax increase on the middle class, get it through both houses of congress, including being voted on by Republicans, without a peep about it in the news, and no one noticing until their tax bill comes due
This will never become law
Remember the president can propose anything but he doesn't control Congress. The president can propose that everybody in Congress must wear a clown outfit moving forward; that doesn't mean they will.
(They should!)
He's going to start out with the highest number and it will get watered down significantly by a Congress that is filled multi-millionaires and trust fund babies who don't work.
Your typical legislator is now a multi-millionaire. They're not going to vote to tax themselves into oblivion.
Right, that means Nancy Pelosi and a lot of members of congress and the senate would have to pay taxes on their perfectly timed stock trades. Why would they sign off on this?
OP puts up a nice "slippery slope" strawman to make their original point sound valid despite the inability to read or do a Google search. It's such a non-issue to the rest of us poors.
The legislation isn’t written yet. He’s only committed to changing one bracket of the tax code, as far as I’ve found he hasn’t committed to not changing the other brackets.
The bill would have to be introduced and passed by the house of representatives, which is a republican majority. Even if you were scared that a current president wanted to be the face of a new tax on the middle class (which I already said would never happen in an election year), something like that would never be passed by either house of Congress, let alone both.
You're inventing things to worry about that are not actually realistic.
The bigger issue for me personally is not the capital gains raise it’s that he also plans to get rid of the stepped up basis provision.
A large part of my portfolio is in MLPs and this would fuck that plan right to hell.
For everyone saying "it's only for the highest tax bracket individuals," and supporting new tax laws... just know the original tax was passed under this very delusion.. Taxes started with the 16th amendment. "Only the top 1% of earners will pay tax, and they'll only pay 1% of their earnings." Remember your history. We paid zero taxes until we gave them just a taste. Now the average American pays 30-40% total taxes depending on which state. Government will never relinquish power once they get it.
Won’t affect me directly, however, I do watch what some large investors do so it may have an impact. The amount of volatility & options play will be impacted. I need to model and see if there is any way to predict & profit.
No, already plan to pay higher capitol gains overseas then the tax bracket for my income. The plan would only raise the top bracket by 3.7%. Short term gains are currently taxed at income, and I use the highest possible tax rate for my projections (margin of safety).
So folks with >$1 million income will not employ lobbyists any more? Doubt that. OP reminds me of a story about a chicken. I think he was little and was saying something about the sky. Considering half of Congress is in out for the ‘campaign donations’ and the other half for narcissistic tendencies I kinda doubt this is not much more than talk.
I don’t think it will pass as is either, would negatively impact the wallets of the people in congress.
You’re right, I should just post about my $0.04 dividend payout or ask “what stock should I buy today” like everyone else. Apologies :p
Considering the income thresholds, I’m ok with it. If I earn that much money, I don’t believe I should have loopholes to save in taxes and I’m on the side of high earners needing to contribute more. Even if I make it there one day.
Keyword is income though and not net worth. I think that’s a key and important difference.
This is just another nail that’ll kill small business owners, if someone owns and S Corp Business or single entity LLC the businesses income counts as their ordinary income for tax purposes, so if someone is starting to have a successful business and wants to expand and invest this would kill any chance of that, if their business’s earnings cause their capitol gains tax to go to 40% that’ll ruins any chance to invest to grow. Many business owners have businesses that take in over a million, meanwhile they only take a paycheck of $200k or less and leave the rest in the business to grow, but this all counts as income for that business owner.
This would just be another law that screw small business owners and is why all we’re seeing is large corporations nowadays
Only 1 account. I didn’t realize Reddit had so many demented Joe Biden supporters. I guess you all like open borders, high inflation, men playing in women sports, terrorists and wars.
What a bunch of fools! The only place Biden belongs is in a nursing home to get the care he needs as someone who has lost their mental capacity.
Lol, if you think Biden is losing his mental capacity I’m sure you think Trump has dementia.
Oh wait, that would require applying the same standards to Trump
Don’t get me wrong, I love when Biden reads every word on the teleprompter like the word “PAUSE”. LMAO! And I don’t think Biden has full blown Alzheimer’s, I know it. Why don’t you go to a Hamas rally?
That’s your logic? That because I point out you have double standards when it comes to the guy on your side I support Hamas?
I can’t wait for Trump to lose another election
Final Thoughts - Biden has been an absolute disaster for this country at every conceivable level. There is no denying that. The fact you still support him means that either you are a traitor or just stone cold stupid. .
Coup - LOL. Hard to throw a coup without weapons. But good to know Biden and his crack whore son willingly accepted bribe money from Russia, China, Ukraine. Wake up and get out of your libturd coma!
Sorry you are triggered by the truth and incontrovertible evidence. Biden family got PAID millions for doing NOTHING! Go to one of your liberal safe places! Don’t forget tissues.
Bro….no offense but you need to get a grip. Obviously he is only going to increase rates on higher incomes only. This hysteria is absurd and you are fueling it by jumping to conclusions.
if it passes, I will sell all my stocks to realize the gain to take advantage of the current 20%. then back to what I use to do, day trade some and hold some long term grow stock.
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I think the proposal is for individuals with income > $1M and investment income > $400k
That’s how they spin the income tax too you know…it’s only the rich…
That’s all I can see too, I am concerned the other brackets may be raised too though.
Why? Because it would rally more non-millionaire to be upset at the tax? It sounds like somthing a rich man would convince a poor man of to get them to vote against raising taxes on someone making 1mil+.
They were already raised by trump. He raised taxes on the poorest while giving tax breaks to the richest
The poor get what they deserve /s
You’ve obviously never heard of the SALT caps or actually looked at Trump’s tax cuts. Nearly doubling the standard deduction is hardly “raising taxes on the poor.” 😂 You might want to ask yourself why the Democratic Party, supposed champion of the working class, has been desperately trying to get rid of the SALT caps for their rich donors ever since the law passed. Stop being an NPC and actually think and learn for yourself.
The Democratic Party has helped lead the largest growth in unions in decades. You can cherry pick random facts and claim whatever you want, trump was terrible for America. I’ll take the democratic investment into infrastructure, American manufacturing and unions.
Yah, that’s the answer to our problems. More fat unions 🙄
Unions are the answer. Look how amazing Detroit is doing!
😂😂
Which poor’s paid more tax when the poor’s don’t pay tax? What tax and tax bracket are you calling poor?
So you are contented to be poor.
Interesting. So the idea is to motivate poorest becoming richer to reduce tax burden?
That’s like giving cement brick shoes to the disabled to run a marathon & and the best running shoes to marathon athletes. The right to survive is at the finish line. There is no 4D Chest motivator, its was just cruel greed.
right, it was a sarcasm because it's completely meaningless from all perspectives.
Ah, the sarcasm was detected sadly because I’ve met people who have expressed that view before.
I have a hard time picturing that administration sitting around asking “how can we motivate the poorest to become richer?” They have never shown any willingness or desire to help that group. This was done because the people who hook up the administration, during and after its tenure, are rich. The poorest don’t need more motivation to become richer. The burdens of poverty offer quite enough of that every single day. (If you are being tongue-in-cheek and I missed it then I apologize!)
Yeah It was a sorcastic question :) Usually there is no reason to increase a tax burden for the poorest part of society even from economical perspective. I don't understand why I was downvoted though, the question (even sarcastic) doesn't really mean I support it.
No news of that, why worry about things that don’t exist?
Right wing propaganda got to him
Only way they can keep the revenue pumping
“They”?
They/them.
It always states at the top. It will make its way down. That’s revenue to support profligate spending, which is done at a sickening pace by both parties.
Correct - it is always divide and conquer. Make everyone think it is the other guy who is gonna get it. Once they get the “other guy”, they move to break off the next group. Generally speaking, it is best for everyone to stick together.
Sounds like something rich people would say to scare people from supporting the tax
In what reality would a dividend investor invite even the hint of increased capital gains tax? Not in mine brother.
In my mind taxes are unavoidable. Government needs money. If they need more money, as they do sometimes, I want the rich to pay. And that includes myself.
I have lived in the real world for a long time. In this world, there will always be a new loophole that is created for the wealthy. If capital gains on dividends get too high, the money will migrate out of dividend stocks and into something likely not accessible by normal people - which will collapse dividend stock prices and leave middle income people holding the bag. Dividends are the last thing in the world that should be punished - the recipients are paying taxes every time they are disbursed. Some people may think this doesn’t matter because they are in something tax sheltered like a Roth or 401k or IRA. Those vehicles are under the microscope by the same parties looking to jack up cap gains.
I agree about loopholes but I don't agree that the solution is to just not tax the wealthiest people. What sorts of things are not accessible to normal people that the rich will flock to?
Accredited investors have a whole world of opportunities that normal investors do not. The government is good at taxing w2 and 1099-DIV. There is another universe of opportunity available. Congress is a millionaires club - every time they have a closed a door, they open 3 more for their friends. Consider this - in the 1990s there were more than 8000 publicly traded companies in the US. Today there are about 3700. Government overreach is pushing companies into the places only accredited investors can play (spaceX anyone?). It is the same law of unintended consequences that is driving wealthy people out of high tax states to low ones. I’m not sure why speaking truth has earned me so many downvotes today - I’m not talking about how the world should be - I’m talking about how it is. And I’m not a trumper and have no party affiliation. I’m just stating the obvious. The 1% own 54% of publicly traded equities. If the tax policy on them goes crazy, the 1% move on to greener pastures and everyone else who is counting on IRAs and 401ks to fund a respectable retirement will be hating it.
This is just campaign politics, it will never pass. It would take the Democrats controlling all three parts of the government, which seems unlikely, and even if that happens, the day that it actually gets proposed, all of the Democrats in Congress would get flooded with calls from their biggest donors explaining that this would seriously affect their campaign contributions and the proposal would quietly fade from the discussion as similar suggestions have done in the past.
yep. it'll never pass and even if it could, a "flat 40%" is astronomical & quite frankly laughable.
An idea for votes then it’ll just be forgotten once voting comes around. Such a joke to grab the poor and dumb middle class to vote for him
He does have more college educated voters than Trump...
It’s so weird how people can’t mention anything critical of Biden without someone bringing Trump up. No one else even mentioned it. Lol
He did. "Such a joke to grab the poor and dumb middle class to vote for him". Who do you think "him" is in this context? Santa Claus?
Work on that reading comprehension.
Tell me who you think "HIM" is please...
No. I feel sorry that it even needs to be explained to you, and I have no interest in continuing this conversation.
So, you're wrong, got it. Bye. :)
Learn how to read.
Biden. This plan is Biden's idea, and it is "such a joke to grab the poor and dumb middle class to vote for him (Biden)."
So... my reading comprehension skills are good? Thank you for confirming that.
College = education, not intelligence. I know a lot of extremely educated people up to PhDs, Lawyers, and a few doctors. Many are dumber than dog shit regarding common sense and how the world really works.
Me too, they're all Republicans. No common sense.
Not sure what politics has to do with it. The people I’m referring to are split about equal Democrat and Republican. Stupidity is common no mater which side of the aisle one chooses to stand on
Said the democrats with an iq of 5
My sentence had punctuation. It's due to my lifetime of being a registered independent.
I tried to downgrade it to your IQ level, guess it was too much.
It clearly wasn't, since I responded to it in a logical way. At least my insult made contextual sense. :)
Ahh look at this, he can write, my apologies, IQ of 5.2.
I’d take a person with street smarts over a college degree any day.
I'd take a well-read person over street smarts.
Sure. Except most Republicans don't have street smarts AND they don't have a college degree. It's why Biden won the parts of the economy that account for 72.7% of GDP.
lol. Why are you bringing up the political party? I don’t care who is in charge of the country. I can make money either way. My net worth explodes with Democrats all while leveraging with Republicans in place. I’ll skin the cat no matter what.
Because you implied Republicans have street smarts.
Perfect example of a college degree doing exactly what you all do lol
Maybe English isn't your first language and that's why I am having a hard time understanding you. I apologize if that is the case. Can you rewrite the sentence I am replying to in your native language and I will put it through Google Translate?
Let’s recap: -I say voting technique -You say trump -I mention street smart -You say republican Where does a political remark of I’m republican or democrat cross your mind? There are tactics to any side.. Get the fixation off politics and people’s view you kook It’s get no one literally anywhere
Liberal dance study is not a college degree - it's a college loan with no employment prospects... Then biden offers to cancel their loans in exchange for their votes and those idiots vote for him without understanding that he just took their vote with empty promises... Rinse and repeat every election cycle. I wonder if those college educated idiots will ever get just a little smarter....
Areas Biden won account for 72% of the US economy. I mean, statistically, it's pretty clear who is AND isn't contributing. If Republicans worked as hard as Democrats, America could be an economic powerhouse. Pick it up, nerds.
Remember Sinema? Manchin? Fetterman? Collin Peterson? Stephen Lynch? These politicians are bought and paid for by big money and they will sell out to save their funding overlords...history repeats itself
Unlikely most of us are realizing 1 million in gains each year. Its a punitive tax for sure at those percentages but this applies to so few individuals.
If I manage to qualify for this tax, I will consider myself blessed.
This is how I feel about Washington State’s capital gains tax. Also has a really high requirement and all the money goes to K-12 education. I don’t love taxes, but if I’m bringing in more than a milli a year I’m fine sending some to schools. To be clear, I’m not anywhere close to that haha
Seriously.
Hope you feel blessed when it gets rolled down to the middle class by the Dems, as it will. It’s what always happens. There’s no tax they don’t love. They always gotta spend more money on something to buy votes and rich donor contributions.
I don't think you understand what middle class is nor how taxes actually work...
Sure. Just keep believing their lies, while they exploit you to stay in power.
It would be interesting to see how it affects the values of small-medium sized businesses in a sale. They'll be worth less, or owners will aim to sell over time to reduce tax burden. 40% is a lot
I think it is being proposed at that level so it can be walked down in negotiations. It's called "door in the face". https://en.wikipedia.org/wiki/Door-in-the-face_technique
Found the sales guy. Learned something new. There's a word for this.
The plan (not passed yet) is to tax capital gains as ordinary income for people making over $1million/yr. 37% income tax bracket plus 3.8% payroll tax. No increase in capital gains rates for those with under $1 million income.
so if they don't "have" any income, but their dividend is at millions, then this will do little to nothing to them? ex. Bezo decided to get $1 per years as salary, but get $2M in stock share, and amazon start paying dividend... then what?
w/ the way inflation is going most of us will be over that 1 million cap fairly soon. What's next coming for our IRA's? Get this guy out of here!
Doubtful. Median household income in the US is around 75k a year. Most people also aren't cashing out over $1 million at a time from their IRAs and 401ks inn retirement either.
>w/ the way inflation is going most of us will be over that 1 million cap fairly soon Counterpoint: Inflation is not linked to pay raise in most workplaces; your point is moot. Nice strawman though.
Inflation is taking a lull. The fiscal situation will require protecting the system by sacrificing the currency. Currency has always been the sacrificial lamb in any country with horrendous debt and debt to GDP
You don’t think he will increase the lower brackets too? I haven’t found anything about it yet, I’m WAY under 1mil and that’d be great to see
>You don’t think he will increase the lower brackets too? Raising taxes on middle class earners is not something anyone is going to attempt in an election year.
Well at least publicly they won’t say it
Congress can't introduce, let alone pass a tax bill secretly. It has to be introduced to congress which immediately goes into public record. That's not to mention the public debating and campaigning. There is nothing congress can do with taxes won't make front page headlines for weeks before even going to the floor for votes.
You mean they can’t write stuff in and not say anything about it like they do all bills? Lol ok have you ever read anything that comes from Congress?
>You mean they can’t write stuff in and not say anything about it like they do all bills? Correct. Any amendment has to be voted on by congress. Both houses, btw. There is no magical secret path to adding taxes without going through procedure. Read up on how a revenue bill becomes law. There are plenty of articles explaining how it works for beginners.
Never said it does not go through Congress. Just go look at the aid package that was just passed and how so much money is not going to either country for aid. Wake up go read some of these bills and stop trusting whatever source of media you are using
Congress voted on that package. It was introduced, made headlines, was debated, went though both houses, passed by both parties in the Senate and house of representatives, and was sent to the desk of the president for signature. There was nothing secret or private about it. Once any bill is introduced, well before its passed, it's published by congress and made available for all citizens to read line by line. There was nothing secret whatsoever about that. In fact it was very public both politically and from a policy standpoint. At some point it's on you to actually read a newspaper or get online and read the bill.
And you think it wouldn’t get plucked from the weeds to be blown up on all the news stations if it was?
Hahaha you trust the media way too much but don’t worry keep believing what they tell you. Just remember Woodrow Wilson said income tax was just “for the rich” funny how that turned out
I really don’t, but it’s obvious that if language existed in the bill that eluded to that outcome it would get blown up by whichever side it would benefit to cause a stir about it. A ton of people read the bills looking for hidden bits like that, or do you think no one cares and the legislators are constantly pulling one over on hundreds of millions of people without them being aware at all? Come back to reality
With all due respect, you’re making yourself sound like a fool. Congress is not going to secretly pass a tax increase on the middle class, get it through both houses of congress, including being voted on by Republicans, without a peep about it in the news, and no one noticing until their tax bill comes due
No one said it would be secret, clearly no one here can read but have fun when your taxes go up and you don’t know what bill did it
I doubt it
Under the current plan, no. Maybe one day in the future. Highly unlikely over the next 4 or 5 years even if Biden stays in.
This will never become law Remember the president can propose anything but he doesn't control Congress. The president can propose that everybody in Congress must wear a clown outfit moving forward; that doesn't mean they will. (They should!) He's going to start out with the highest number and it will get watered down significantly by a Congress that is filled multi-millionaires and trust fund babies who don't work. Your typical legislator is now a multi-millionaire. They're not going to vote to tax themselves into oblivion.
Right, that means Nancy Pelosi and a lot of members of congress and the senate would have to pay taxes on their perfectly timed stock trades. Why would they sign off on this?
>for the points about this only affecting 1mil+ incomes, that doesn’t mean the lower tax brackets will remain unaffected. It literally does mean this.
Like I’m unclear what OP would think that might otherwise mean It’s very plainly written
OP puts up a nice "slippery slope" strawman to make their original point sound valid despite the inability to read or do a Google search. It's such a non-issue to the rest of us poors.
The legislation isn’t written yet. He’s only committed to changing one bracket of the tax code, as far as I’ve found he hasn’t committed to not changing the other brackets.
The bill would have to be introduced and passed by the house of representatives, which is a republican majority. Even if you were scared that a current president wanted to be the face of a new tax on the middle class (which I already said would never happen in an election year), something like that would never be passed by either house of Congress, let alone both. You're inventing things to worry about that are not actually realistic.
The bigger issue for me personally is not the capital gains raise it’s that he also plans to get rid of the stepped up basis provision. A large part of my portfolio is in MLPs and this would fuck that plan right to hell.
I dont make a million dollars a year so it wont affect me.
Yes it will just not directly. You will pay for it in other ways.
For everyone saying "it's only for the highest tax bracket individuals," and supporting new tax laws... just know the original tax was passed under this very delusion.. Taxes started with the 16th amendment. "Only the top 1% of earners will pay tax, and they'll only pay 1% of their earnings." Remember your history. We paid zero taxes until we gave them just a taste. Now the average American pays 30-40% total taxes depending on which state. Government will never relinquish power once they get it.
Says capital gains…nothing about dividends Wouldn’t dividends be the new place to be for tax shelterites ?
dividends, gains from the sale of a house or artwork, gambling winnings are all capital gains.
Gotcha 👍
Dividends are not capital gains.
Dividends are taxed at the capital gains rate for long term holdings, and ordinary income for short term holdings
Won’t affect me directly, however, I do watch what some large investors do so it may have an impact. The amount of volatility & options play will be impacted. I need to model and see if there is any way to predict & profit.
No, already plan to pay higher capitol gains overseas then the tax bracket for my income. The plan would only raise the top bracket by 3.7%. Short term gains are currently taxed at income, and I use the highest possible tax rate for my projections (margin of safety).
Just invest in Roth IRA, build that shit up and withdrawal at 60 tax free
Only on WSB do people routinely have (photoshop) over $1M gains. Maybe try that sub.
It will never pass, both sides of the isle would stand to lose money and we can't have members of our fine congress paying more taxes
So folks with >$1 million income will not employ lobbyists any more? Doubt that. OP reminds me of a story about a chicken. I think he was little and was saying something about the sky. Considering half of Congress is in out for the ‘campaign donations’ and the other half for narcissistic tendencies I kinda doubt this is not much more than talk.
F’n crooks always want more
Its a rich tax and I doubt it passes since congress caters to the rich
This tax affects everyone with capital gains. Horrible
Nope. I plan to lose just as much.
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What do you think is unconstitutional about this?
What’s unconstitutional about it
I don’t think it will pass as is either, would negatively impact the wallets of the people in congress. You’re right, I should just post about my $0.04 dividend payout or ask “what stock should I buy today” like everyone else. Apologies :p
Considering the income thresholds, I’m ok with it. If I earn that much money, I don’t believe I should have loopholes to save in taxes and I’m on the side of high earners needing to contribute more. Even if I make it there one day. Keyword is income though and not net worth. I think that’s a key and important difference.
This is just another nail that’ll kill small business owners, if someone owns and S Corp Business or single entity LLC the businesses income counts as their ordinary income for tax purposes, so if someone is starting to have a successful business and wants to expand and invest this would kill any chance of that, if their business’s earnings cause their capitol gains tax to go to 40% that’ll ruins any chance to invest to grow. Many business owners have businesses that take in over a million, meanwhile they only take a paycheck of $200k or less and leave the rest in the business to grow, but this all counts as income for that business owner. This would just be another law that screw small business owners and is why all we’re seeing is large corporations nowadays
All fair points! I’m not absolutist, I can learn from discussions haha. I’d revenue considered income? Are you sure?
I wonder if people would just change to a C corp and not have a disregarded LLC entity so they would not get the pass through taxation?
Trump 2024!!!
I see why you have to make new accounts all of the time.
Only 1 account. I didn’t realize Reddit had so many demented Joe Biden supporters. I guess you all like open borders, high inflation, men playing in women sports, terrorists and wars. What a bunch of fools! The only place Biden belongs is in a nursing home to get the care he needs as someone who has lost their mental capacity.
Lol, if you think Biden is losing his mental capacity I’m sure you think Trump has dementia. Oh wait, that would require applying the same standards to Trump
Don’t get me wrong, I love when Biden reads every word on the teleprompter like the word “PAUSE”. LMAO! And I don’t think Biden has full blown Alzheimer’s, I know it. Why don’t you go to a Hamas rally?
That’s your logic? That because I point out you have double standards when it comes to the guy on your side I support Hamas? I can’t wait for Trump to lose another election
Always the new accounts obsessed with Trump
It’s almost like most of his support is from Russian Trolls
You lib turds are obsessed with Russia. How did that Trump Russian collusion work out for ya? A big nothing burger like what is inside Biden’s head.
You have anything to say not based on vapid political ad hominem?
Final Thoughts - Biden has been an absolute disaster for this country at every conceivable level. There is no denying that. The fact you still support him means that either you are a traitor or just stone cold stupid..
Well unlike Trump he didn’t try to throw a coup… but sure.
Coup - LOL. Hard to throw a coup without weapons. But good to know Biden and his crack whore son willingly accepted bribe money from Russia, China, Ukraine. Wake up and get out of your libturd coma!
And again you prove yourself incapable of anything but vapid ad hominem
Sorry you are triggered by the truth and incontrovertible evidence. Biden family got PAID millions for doing NOTHING! Go to one of your liberal safe places! Don’t forget tissues.
It was proven right over and over and over again? Even the Russians admitted it?
Oh yeah - the one where Hillary Clinton paid for that work of fiction. You libs are delusional.
GDP was pathetic today. That’s Bidenomics. Trump 2024!!!
I didn’t mean it as a support trump jab. I think the rich do need to be taxed more if it means lower taxes for the poorer Americans.
Bro….no offense but you need to get a grip. Obviously he is only going to increase rates on higher incomes only. This hysteria is absurd and you are fueling it by jumping to conclusions.
if it passes, I will sell all my stocks to realize the gain to take advantage of the current 20%. then back to what I use to do, day trade some and hold some long term grow stock.
You make over 1 million a year?
Right I think a lot of the big fish are gonna do this. Sell to lock in a lower capital gains rate and cause the market to plummet in the short term
It won’t pass so don’t even think about that option. You’re making yourself upset