Article

2024-04-25 Economy

Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922

[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%).

Posted by Besoeker 2024-04-25 04:08|| || Front Page|| [11139 views ] Top

#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."

Posted by Procopius2k 2024-04-25 06:26|| 2024-04-25 06:26|| Front Page Top

#2 You want your Capitalism… well, we will tax it into Socialism

Posted by Airandee 2024-04-25 06:48|| 2024-04-25 06:48|| Front Page Top

#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 2024-04-25 07:47|| 2024-04-25 07:47|| Front Page Top

#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."

~ Wise old fella, long gone but not forgotten.

Posted by Besoeker 2024-04-25 08:03|| 2024-04-25 08:03|| Front Page Top

#5 ...Trying to slam through the taxes (and other changes, I'm sure) before they get their asses handed to them in November.

Mike

Posted by MikeKozlowski 2024-04-25 09:23|| 2024-04-25 09:23|| Front Page Top

#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.

Posted by Raj 2024-04-25 09:39|| 2024-04-25 09:39|| Front Page Top

#7 25% and

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.

Even back in 2001, we were already paying well over 1/2 of our income in total stated and hidden added taxes when all levels of GOV. had finished with its demands.

Posted by NN2N1 2024-04-25 09:57|| 2024-04-25 09:57|| Front Page Top

#8 ^ Yes. Tax everything once at a low rate.

No nonprofits, no tax sheltwrs, no gummint tax holidays for bidness development.

Posted by M. Murcek 2024-04-25 11:00|| 2024-04-25 11:00|| Front Page Top

#9 Worse, capital gains are not indexed to inflation. So Americans already get stuck paying tax on some "gains" that are not real.

Yup.

Posted by swksvolFF 2024-04-25 11:04|| 2024-04-25 11:04|| Front Page Top

#10 ^ Yes, as designed by the gov't.

Posted by Besoeker 2024-04-25 11:17|| 2024-04-25 11:17|| Front Page Top

#11 Those income tax brackets don't adjust either.

Say what you will about The Aztecs, they had a lower tax rate.

Posted by swksvolFF 2024-04-25 12:19|| 2024-04-25 12:19|| Front Page Top

#12 ^ The whole ripping-the-heart-out thing was a precursor to the IRS audit

Posted by Frank G 2024-04-25 12:49|| 2024-04-25 12:49|| Front Page Top

#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.

Posted by Remoteman 2024-04-25 12:58|| 2024-04-25 12:58|| Front Page Top

#14 Didn't levy a tax on the sacrifice for dying, so they had that.

Posted by swksvolFF 2024-04-25 13:15|| 2024-04-25 13:15|| Front Page Top

#15 What part of "Theirs" didn't you grasp from The IRS?

Posted by Procopius2k 2024-04-25 17:02|| 2024-04-25 17:02|| Front Page Top

#16 They will tax you into dependency on the government.

Posted by DarthVader 2024-04-25 17:05|| 2024-04-25 17:05|| Front Page Top

#17 First tax FJB's income at 100%

Posted by Elmaper+McGurque1612 2024-04-25 21:00|| 2024-04-25 21:00|| Front Page Top

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