[Americans for Tax Reform] President Biden has formally proposed the highest top capital gains tax in over 100 years.
Here is a direct quote from the Biden 2025 budget proposal: "Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent."
Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.
Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
Worse, capital gains are not indexed to inflation. So Americans already get stuck paying tax on some "gains" that are not real. It is a tax on inflation, something created by Washington and then taxed by Washington. Biden’s high inflation makes this especially painful.
Many hard working couples who started a small business at age 25 who now wish to sell the business at age 65 will face the Biden proposed 44.6% top rate, plus state capital gains taxes. And much of that "gain" isn’t real due to inflation. But they’ll owe tax on it.
Capital gains taxes are often a form of double taxation. When capital gains come from stocks, stock mutual funds, or stock ETFs, the capital gains tax is a cascaded second layer of tax on top of the current federal corporate income tax of 21%. (Biden has also proposed a corporate income tax hike to 28%).
#1
How about a Congressional Capital Gains Tax for all members of congress, staffers, and their immediate family members who attain anything above the market average in a year. Anything about the average is taxed at 100%. "Do it for the children."
#3
It’s been said that Joe has been serially on the wrong side of every foreign relations call in the last 30 years. In this presidency, Joe has broadened his portfolio of stupid.
Posted by: Super Hose ||
04/25/2024 7:47 Comments ||
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#4
"A little money in the market is a healthy saving habit, just don't put in more than you can afford to lose. Also, be aware that the government has a habit of changes the rules."
#6
Not content with destroying our energy independence, freedom of speech for Republicans, debt relief for college kids, inflation up the wazoo and all the other wonderful 'benefits' of Bidenomics, let's completely kill capital formation in the United States with investment tax rates well above ordinary income. And - yes, they're dumb / obtuse enough to talk about this in public.
For the past three + years I feel like I'm trapped in that alternate universe where Spock had a goatee.
How about a Constitutional fixed, Total FLAT TAX Rate, which includes all Fed, State, County, Metro and Hidden taxes.
Even village idiot must at some point understand when Governments collects more of what you're making than you to do... You are living like a "Comrade" or a Government owned Slave.
#12
^ The whole ripping-the-heart-out thing was a precursor to the IRS audit
Posted by: Frank G ||
04/25/2024 12:49 Comments ||
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#13
This won’t happen because the big money people who fund Biden won’t let it happen. It’s a feint to make it seem as though he’s looking out for the little guy. When it doesn’t happen he’ll blame MAGA Republicans. Theater.
”Pay attention to MEEEEEE!!!” shrieked the 84-year old former important person, stamping her tiny feet while no one noticed or cared.
[TWITTER]
Former House Speaker Nancy Pelosi is calling on Israeli Prime Minister Benjamin Netanyahu to resign.
“We recognize Israel's right to protect itself. We reject the policy and the practice of Netanyahu — terrible. What could be worse than what he has done in response?
#6
Netanyahu has pretty low approval ratings in Israel and will likely not run again.
But Pelosi should be denouncing Sinwar.
Posted by: Lord Garth ||
04/25/2024 7:34 Comments ||
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#7
Pelosi is irrelevant. She is just a senile flunky, hanging around like a washed up pitcher kept on the staff as a long reliever until her spot on the 40 person roster is required.
I am sure she continues to cheat at stocks acquiring money that she will never have a chance to spend. Saddest would be if she starts coordinating with the squad like Madonna singing a collaboration with somebody that is not headed to the glue factory.
Posted by: Super Hose ||
04/25/2024 7:45 Comments ||
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#8
Netanyahu’s ratings are improving from the low point immediately following the 10/7 invasion. But more importantly, most Israelis don’t want to hold the election until after the war is won, so Bibi has time to continue improving.
Whether he still wants the headache of herding Israel’s cats afterward is a different question.
#10
She's just pissed that the Left is losing one of its most cherished shibboleths.
Posted by: Rex Mundi ||
04/25/2024 9:30 Comments ||
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#11
My theory, unproven, is that Democrats like Pelosi, Obama and Biden do not hate Israel. They coddle Iran and its little cat paws like Hamas and Hezbollah because they hate Netanyahu. He is not a globalist or a communist and so they want him gone, just like they'll do just about anything to get rid of Trump. If it means that Israelis die as a result of terrorist activities, that's just a cost of doing business.
Posted by: Abu Uluque ||
04/25/2024 11:15 Comments ||
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#12
^ I concur Abu. Any friend of Trump is liberal Kryptonite.
#13
My theory, unproven, is that Democrats like Pelosi, Obama and Biden do not hate Israel.
Nonsense. They hate everyone who doesn't bend over and spreads for them - unless it's Muslims/Chinese/UN: for whom they bend over & spread.
As to Bibi. It's the American populist convention: There are no bad People - only bad leaders (e.g. evil megolomaniac Putin invading Ukraine). So, it's not evil Juden - it's evil Bibi in public speeches.
[GatewayPundit] He quickly tried to walk back his call for violence against Trump with sarcasm: "I’m not suggesting we hit the president." Nah, he's suggesting YOU hit (or do something worse) to PDJT.
Tell me again, what is a "hit" (metaphorically)?
Red meat for the rubes, but it won't get him the new real voters he needs, assuming the Republicans can keep the election clean this time.
#4
It’s funny that Joe was always so nice and is only demonstrating bully characteristics in his senility. It’s almost like he has always been a mean and twisted figure, drunk on power, with his nice guy image just being a media creation.
Posted by: Super Hose ||
04/25/2024 7:37 Comments ||
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#5
I used to be involved with our Trade Association's political side on the state and national level many moons ago. What I heard at the time from various DC folks in the know was that Biden was a very nasty person in private, although there were more than a few in government that were.
And Bob Dole was a pretty good speaker, and told some really hysterical stories, when the cameras weren't rolling.
Posted by: Mullah Richard ||
04/25/2024 7:45 Comments ||
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#6
/\ It’s almost like he has always been a mean and twisted figure, drunk on power, with his nice guy image just being a media creation.
Sniffing and personal hygiene 'shower' habits support Supe's "mean and twisted" theory at #4, now aggravated by toxic senility and cerebral disengagement.
Granddad is on the back porch watching the Cubs game. We'll take him a plate....it's better that way. Donald, you can go ahead and say the blessing.
#11
Mean and twisted, drunk on power but now he is physically and mentally fragile. I'm pretty sure Trump could take a punch from Biden a whole lot better than Biden could take a punch from Trump. I learned early on in the fields, playgrounds and streets of my home town that it's better not to talk about other people that way. There was a saying about an alligator mouth and a canary ass.
Posted by: Abu Uluque ||
04/25/2024 11:25 Comments ||
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#12
Waiting for a Trump judge to restrict his travel to protect Biden from a debate.
#15
After Trump rallied with Manhatten construction workers before going into court, the following exchange occured between a construction worker and a reporter:
After Trump left the site one construction worker was asked: 'What's it like seeing so many Republicans in Manhattan, so many Trump supporters in Manhattan. Does that surprise you?'
In response, the man tells the NewsMax reporter: 'No, not at all. It's turning now, it's Trump's turn again.'
The reporter then asks him: 'What's your message to Joe Biden?', to which the man responds: 'F**k you.'
#16
"Restoring civility" apparently means something other than what I had thought it meant.
Posted by: Tom ||
04/25/2024 15:08 Comments ||
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#17
Well Uncle Joe said he was a pro wrestler in his youth, so you better watch the amount of smart coming out of your ass, Jack, or he's going to stuff it back in with his size 12s.
Posted by: Frank G ||
04/25/2024 19:22 Comments ||
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#19
"When some wild-eyed, eight-foot-tall orange maniac grabs your neck, taps the back of your favorite head up against the barroom wall, and he looks you crooked in the eye and he asks you if ya paid your dues, you just stare that big sucker right back in the eye, and you remember what ol' Joe Biden always says at a time like that: "Have ya paid your dues, Joe? And I said, Left Turn Clyde, and continued East bound and down, because we have ourselves a Convoy. Four more years pause."
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Rantburg was assembled from recycled algorithms in the United States of America. No
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[Americans for Tax Reform] President Biden has formally proposed the highest top capital gains tax in over 100 years.
[GatewayPundit] He quickly tried to walk back his call for violence against Trump with sarcasm: "I’m not suggesting we hit the president."
