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Biden Weighs Raising Capital Gains Rate To Over 40 Percent


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Biden Weighs Raising Capital Gains Rate to Over 40 Percent

Zachary Evans  1 hr ago
 
 
 
 

 

President Biden is expected to announce a proposal to nearly double the capital gains tax rate in order to help fund a forthcoming spending package, according to multiple reports.

 

Joe Biden wearing a suit and tie: President Biden speaks at the White House in Washington, D.C., April 20, 2021.

 

 

© Tom Brenner/Reuters President Biden speaks at the White House in Washington, D.C., April 20, 2021.

The proposal would set the capital gains tax rate for individuals earning over $1 million at 39.6 percent, two people familiar with the plan told Bloomberg. When combined with an existing federal surtax on investment income, investors could pay federal taxes at a rate of as high as 43.4 percent.

 

In states with high taxes, rates for wealthy individuals could be even higher. New Yorkers making over $1 million would see combined federal and state capital gains tax rates of as high as 52.22 percent, while California residents in the same income bracket could see a 56.7 percent combined federal and state capital gains rate.

The White House did not immediately comment on the report, and the Treasury Department declined Bloomberg‘s request for comment.

Stocks fell sharply following news of the potential tax increase on Thursday, with the Dow Jones dropping 400 points.

The tax increase is part of a proposal to fund the Biden administration’s American Families Plan, which is expected to call for $1 trillion in new spending and about $500 billion in tax credits for family and domestic programs. That plan would allocate billions in funding for universal pre-kindergarten instruction, paid family and medical leave, and free tuition for community college nation-wide.

It is unclear if Democrats will be able to push the proposed tax increase through the Senate, where Democrats are tied with Republicans and Vice President Kamala Harris holds the tie-breaking vote. For the plan to pass, the Biden administration would need the support of all Senate Democrats.

 

 

 

https://www.msn.com/en-us/news/politics/biden-weighs-raising-capital-gains-rate-to-over-40-percent/ar-BB1fWFRe?ocid=uxbndlbing

Edited by Smokey Mtn. Dinar
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5 minutes ago, Smokey Mtn. Dinar said:

Biden Weighs Raising Capital Gains Rate to Over 40 Percent

Zachary Evans  1 hr ago
 
 
 
 

 

President Biden is expected to announce a proposal to nearly double the capital gains tax rate in order to help fund a forthcoming spending package, according to multiple reports.

 

Joe Biden wearing a suit and tie: President Biden speaks at the White House in Washington, D.C., April 20, 2021.

 

 

© Tom Brenner/Reuters President Biden speaks at the White House in Washington, D.C., April 20, 2021.

The proposal would set the capital gains tax rate for individuals earning over $1 million at 39.6 percent, two people familiar with the plan told Bloomberg. When combined with an existing federal surtax on investment income, investors could pay federal taxes at a rate of as high as 43.4 percent.

 

In states with high taxes, rates for wealthy individuals could be even higher. New Yorkers making over $1 million would see combined federal and state capital gains tax rates of as high as 52.22 percent, while California residents in the same income bracket could see a 56.7 percent combined federal and state capital gains rate.

The White House did not immediately comment on the report, and the Treasury Department declined Bloomberg‘s request for comment.

Stocks fell sharply following news of the potential tax increase on Thursday, with the Dow Jones dropping 400 points.

The tax increase is part of a proposal to fund the Biden administration’s American Families Plan, which is expected to call for $1 trillion in new spending and about $500 billion in tax credits for family and domestic programs. That plan would allocate billions in funding for universal pre-kindergarten instruction, paid family and medical leave, and free tuition for community college nation-wide.

It is unclear if Democrats will be able to push the proposed tax increase through the Senate, where Democrats are tied with Republicans and Vice President Kamala Harris holds the tie-breaking vote. For the plan to pass, the Biden administration would need the support system" rel="">support of all Senate Democrats.

 

 

 

https://www.msn.com/en-us/news/politics/biden-weighs-raising-capital-gains-rate-to-over-40-percent/ar-BB1fWFRe?ocid=uxbndlbing

As Biden administration spends billions on illegal immigrants 🤦🏻‍♀️

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Just now, boosterbglee said:

You won't actually get the truth if you ask Biden supporter.....they will just say it's better than the last Admin!

 

The biden/harris Supporters are all in for anything that either Reverses any and everything Trump and MAGA did......Even better is the support for Any and Everything that step us one step Closer to Communism/Socialism.

 

They just can't go all in until they Get the Guns out of the Hands of God Fearing, Bible Thumping, Patriotic American.

 

Karsten

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3 hours ago, Pitcher said:

image.thumb.jpeg.6bbbcdf857fd2c4fc99111b47a2d40b2.jpeg

First of all this punk Biden is not a president, he’s a subversive lying pony soldier! Im praying for a live on the air massive heart attack or stroke! Preferably a bed ridden stroke with no ability to speak or write! JMHO 😎

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30 minutes ago, Artitech said:

Preferably a bed ridden stroke with no ability to speak or write! JMHO 😎

 

 

He has no ability to speak or write now, he has handlers taking care of that because they know he bumbles up even the easy stuff.

 

Just saying

 

  pp

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49 minutes ago, Artitech said:

First of all this punk Biden is not a president, he’s a subversive lying pony soldier! Im praying for a live on the air massive heart attack or stroke! Preferably a bed ridden stroke with no ability to speak or write! JMHO 😎

You might have to settle for a video taped military tribunal with confessions followed by execution👍

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The Facists better get this done quick because ‘22 is quickly coming....let’s pray for Joe Manchin and Kristen Sinema, our only hope to get this ratcheted down........... There is still debate whether trading currency will be taxed as income or Cap Gains....I never saw it settled here.

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13 hours ago, NextYear said:

Shocking. I wonder what they are afraid of? (sarcastic question)

 

The Rats want "Free and Fair" elections on THEIR terms ONLY. Which is Rat speech for rigged and corrupt. If (as they say) everything was above board and no fraud, then what's the problem with the AZ audit. And we all know the answer to that, don't we?? Anyone want to guess what political leanings of that judge that ordered the temporary halt? Can't wait to hear the utterly logical and sensable reason the Rats filed suit to shut this down!

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9 hours ago, Inbedded HorseHead said:

The Facists better get this done quick because ‘22 is quickly coming....let’s pray for Joe Manchin and Kristen Sinema, our only hope to get this ratcheted down........... There is still debate whether trading currency will be taxed as income or Cap Gains....I never saw it settled here.

What does an election matter? They have it down pat now that they win through fake voting. You can “take a stand” but they don’t listen to peaceful protests. Only thing at this point, and they are pushing for it, is 1776. But that should be up to the military. And unless that happens...America is done from inside, with little shots needed. They have been working on this since the 1920’s.

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On 4/24/2021 at 4:21 PM, cjdavid said:

What does an election matter? They have it down pat now that they win through fake voting. You can “take a stand” but they don’t listen to peaceful protests. Only thing at this point, and they are pushing for it, is 1776. But that should be up to the military. And unless that happens...America is done from inside, with little shots needed. They have been working on this since the 1920’s.

 

CJD,

 

You have forgotten that in 1776 only 3% took a Stand against the British Rule. Today you have well over 100 million Bible Thumping, Gun Owners with all the Ammo....That is going to be a lot of pissed off people the left with have to deal with.

 

Crap is coming and they just (the Left) think they can say what ever they want, do what ever they want.....Until it gets real and the SHTF....

 

Who are they going to Call? Better Question is who the hell is even going to Respond?

 

True Americans are Pissed and have had enough of this BS.

 

Karsten

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4 minutes ago, CSM (R) Thack said:

Yes we are...and...yes we have!!!👍🇺🇸

 

You know the older we all get, The pains, the BS, the BS Doctors that can't figure anything out.....What is another camping trip with Like Minded Patriots......30 Minutes to shoot up my Ammo and go out in a Pile of Brass or Life in Prison....I will take that Pile of Brass.

 

The Left had better know what they signed on too....Defunding Police, Cutting the Military, Shutting off US Jobs, High Taxes to pay Themselves more....How could they not Think This Fool Power Grab could go Wrong?

 

Hell, I don't know.....Maybe Shabs, Caddie and the rest can set us all Straight.

 

Karsten

 

 

 

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