81 Million Pushes 44.6% Capital Gains Tax

[ArcticCrusher]

 

 

 

[teamgreen02]

1 hour ago, ArcticCrusher said:

 

These people are delusional.

[Steve753]

1 hour ago, ArcticCrusher said:

 

 

 

Lloyds cherry picking again.

 

Biden capital gains tax increase

The capital gains tax rate for long-term capital gains, assets held for more than one year, is at most 20%. Capital gains are the profits you make from selling or trading an asset. The tax rates that apply to a particular capital gain (i.e., capital gains tax rates) depend on the type of asset involved, your taxable income, and how long you held the property before it was sold

Biden’s FY25 budget proposal would nearly double that capital gains tax rate to 39.6%. That proposed capital gains rate increase would apply to investors who make at least one million dollars a year.

 

'Carried interest loophole'

The Biden budget proposal also revives the debate over the so-called carried interest loophole. Currently, asset managers can treat certain compensation they receive as capital gains, which means that a significant portion of their income is taxed at a much lower rate than if it were treated as wages. 

Under Biden’s budget proposal, that compensation would be treated as ordinary income for federal income tax purposes to end the carried interest loophole. 

[ViperGTS/Z1]

He just earned my vote ......in bizarro world people just don't care.

 

Pretty sad to see what America is deteriorating too......and quickly.   We are the laughingstock and deservedly so.

 

[Mainecat]

Lotsa millionaires here.

[akvanden]

Pete would like us to know that mainstreet doesn’t care about this, nor do Canadians.

[ArcticCrusher]

1 hour ago, Steve753 said:

Lloyds cherry picking again.

 

Biden capital gains tax increase

The capital gains tax rate for long-term capital gains, assets held for more than one year, is at most 20%. Capital gains are the profits you make from selling or trading an asset. The tax rates that apply to a particular capital gain (i.e., capital gains tax rates) depend on the type of asset involved, your taxable income, and how long you held the property before it was sold

Biden’s FY25 budget proposal would nearly double that capital gains tax rate to 39.6%. That proposed capital gains rate increase would apply to investors who make at least one million dollars a year.

 

'Carried interest loophole'

The Biden budget proposal also revives the debate over the so-called carried interest loophole. Currently, asset managers can treat certain compensation they receive as capital gains, which means that a significant portion of their income is taxed at a much lower rate than if it were treated as wages. 

Under Biden’s budget proposal, that compensation would be treated as ordinary income for federal income tax purposes to end the carried interest loophole. 

Gambling doesn't count as capital gains?

Remember when 87k irs were hired and were not to go after the middle class.

Pepperidge Farms remembers.

[Plissken]

29 minutes ago, ArcticCrusher said:

Gambling doesn't count as capital gains?

Remember when 87k irs were hired and were not to go after the middle class.

Pepperidge Farms remembers.

How could Pepperidge farm remember something that hasn’t happened?  

[ActionfigureJoe]

When people see their savings and jobs shrink, their standard of living dribble away, they’re going to turn to what they see as the wealthy for blood. Pitchforks. This is the hedonistic phase of a declining empire. 

[Mainecat]

28 minutes ago, ActionfigureJoe said:

When people see their savings and jobs shrink, their standard of living dribble away, they’re going to turn to what they see as the wealthy for blood. Pitchforks. This is the hedonistic phase of a declining empire. 

Did you post this in 1982?

[racinfarmer]

38 minutes ago, ActionfigureJoe said:

When people see their savings and jobs shrink, their standard of living dribble away, they’re going to turn to what they see as the wealthy for blood. Pitchforks. This is the hedonistic phase of a declining empire. 

The problem is once you "Eat the Rich" for the top 5%, society keep going.

Eventually, you are the top 5%.

Then what?

[ActionfigureJoe]

42 minutes ago, racinfarmer said:

The problem is once you "Eat the Rich" for the top 5%, society keep going.

Eventually, you are the top 5%.

Then what?

Won’t see that in my lifetime. This is all just smoke and mirrors. The ultra wealthy have a number of ways to avoid capital gains. Whether it’s buying into a hobby, a sports team, or simply borrowing against it. This will hurt the upper middle more than anyone. This is where you find the business owners. 

[ActionfigureJoe]

2 hours ago, Mainecat said:

Did you post this in 1982?

In 1982 the American empire was in the midst of another phase. Over expansionism.