Biden proposes capital gains tax of 44.6%, highest in history

[I spent the winter writing songs about getting better]

https://www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/?sh=233a4b0a1ff6

Of course this would only apply to individuals with taxable income above $1 million. Aka taxing the rich!

Dark Brandon taking a page from Bernie Sanders' playbook!

[OSR stands with Israel]

This is such a lol worthy proposal and proof lefties don’t understand how the tax code works . Short term capital gains are already taxed as ordinary income .

[AGA]

I've read that he also wants to tax unrealized gains for high earners at 25%.

In my opinion, the 44.6% rate is too high because shareholders already indirectly pay corporate income taxes.

[jojoju1998]

This will never get passed.


Ironically, if one wants to compare to European countries, European countries have often more regressive tax rates, but it's a non issue, because they view taxation totally different there than in the US. It's not about making the rich pay more, it's having everyone pay in, and everyone benefits.


Indeed, doesn't Norway have less regulations than the US ? Hmm....

[GP270watch]

There should be a higher long term capital gains to combat dynastic wealth and shift corporate power back to workers and smaller shareholders, instead of CEO's and the wealthiest who hold the most shares and have concentrated wealth and power to the detriment of everyone else.

[Amenhotep Bakari-Sellers]

This is such a lol worthy proposal and proof lefties don’t understand how the tax code works . Short term capital gains are already taxed as ordinary income .

Lol are you rich I don't think so you don't have your own blog like a rich person tax increase are good

[No War, but the War on Christmas]

Awesome. Now let's deliver Biden a congressional majority America, please? Pretty please?

And maybe consider reducing, or eliminating, the capital loss tax deduction while we're at it, but that one may be an even longer shot.

[OSR stands with Israel]

Awesome. Now let's deliver Biden a congressional majority America, please? Pretty please?

And maybe consider reducing, or eliminating, the capital loss tax deduction while we're at it, but that one may be an even longer shot.

Posts like this make me think that people have zero idea how the tax system works . The capital loss deduction is already significantly limited

[DrScholl]

Rural and working class people without one single stock will be misled by Republicans to believe that their taxes will be raised 44%.

[lfromnj]

Pretty crazy that in California with this tax, one could buy an asset and sell it for a 10 percent gain in a year with 4 percent inflation and actually be just about break even.

[jojoju1998]

Rural and working class people without one single stock will be misled by Republicans to believe that their taxes will be raised 44%.

The Republican base isn't neccsarily workers. It's small business owners who base their assets not in stocks but in physical assets.

The argument is that any of these taxes or hikes would hurt smaller companies while the big companies will ultimately find their way around it.

[lfromnj]

Also did anyone see the even more insane unrealized gains tax ?

[President Johnson]

It won't get passed, but Democrats need to come up with more such proposals and call for tax relief on middle incomes. The era of the failed Trickle-Down-politics is over.

[S019]

The logical outcome of this being implemented would be no one bothering to sell their homes, stocks, or other assets, or at least waiting until they absolutely need the money. It would also make it that much harder to get a home.

[S019]

The logical outcome of this being implemented would be no one bothering to sell their homes, stocks, or other assets, or at least waiting until they absolutely need the money. It would also make it that much harder to get a home.

true but read the fine print

Of course this would only apply to individuals with taxable income above $1 million.

40% is still excessive. If you’re rich and have enough money lying around, then there is no incentive to take any of it out of the stock market and actually invest it or make use of it.

[jojoju1998]

The logical outcome of this being implemented would be no one bothering to sell their homes, stocks, or other assets, or at least waiting until they absolutely need the money. It would also make it that much harder to get a home.

true but read the fine print

Of course this would only apply to individuals with taxable income above $1 million.

40% is still excessive. If you’re rich and have enough money lying around, then there is no incentive to take any of it out of the stock market and actually invest it or make use of it.

Alot of business owners who make around a million a year don't even put money in the stock market. Alot of companies are privately owned and operated, and don't operate in the stock market at all.

[No War, but the War on Christmas]

Awesome. Now let's deliver Biden a congressional majority America, please? Pretty please?

And maybe consider reducing, or eliminating, the capital loss tax deduction while we're at it, but that one may be an even longer shot.

Posts like this make me think that people have zero idea how the tax system works . The capital loss deduction is already significantly limited

The deduction can be made against future capital losses practically indefinitely, its you who doesn't know in this particular situation.

[Amenhotep Bakari-Sellers]

It won't get passed, but Democrats need to come up with more such proposals and call for tax relief on middle incomes. The era of the failed Trickle-Down-politics is over.

If you get a Filibuster proof Trifecta they will pass it

[OSR stands with Israel]

Awesome. Now let's deliver Biden a congressional majority America, please? Pretty please?

And maybe consider reducing, or eliminating, the capital loss tax deduction while we're at it, but that one may be an even longer shot.

Posts like this make me think that people have zero idea how the tax system works . The capital loss deduction is already significantly limited

The deduction can be made against future capital losses practically indefinitely, its you who doesn't know in this particular situation.

Why shouldn’t unused capital losses be allowed to offset future gains . That loss you incurred is still a loss you actually incurred and really if you think that’s a problem then maybe you should support significantly increasing the $3,000 capital loss deduction. Do so and people wouldn’t have to carryover much of their capital losses to begin with .

[No War, but the War on Christmas]

Awesome. Now let's deliver Biden a congressional majority America, please? Pretty please?

And maybe consider reducing, or eliminating, the capital loss tax deduction while we're at it, but that one may be an even longer shot.

Posts like this make me think that people have zero idea how the tax system works . The capital loss deduction is already significantly limited

The deduction can be made against future capital losses practically indefinitely, its you who doesn't know in this particular situation.

Why shouldn’t unused capital losses be allowed to offset future gains . That loss you incurred is still a loss you actually incurred and really if you think that’s a problem then maybe you should support significantly increasing the $3,000 capital loss deduction. Do so and people wouldn’t have to carryover much of their capital losses to begin with .

I would be okay with increasing the personal limit while restricting the amount you can deduct based on future losses, sure. Of course I personally think an economy based on speculation is terrible, so as usual,  think we just have different motives.

[OSR stands with Israel]

Awesome. Now let's deliver Biden a congressional majority America, please? Pretty please?

And maybe consider reducing, or eliminating, the capital loss tax deduction while we're at it, but that one may be an even longer shot.

Posts like this make me think that people have zero idea how the tax system works . The capital loss deduction is already significantly limited

The deduction can be made against future capital losses practically indefinitely, its you who doesn't know in this particular situation.

Why shouldn’t unused capital losses be allowed to offset future gains . That loss you incurred is still a loss you actually incurred and really if you think that’s a problem then maybe you should support significantly increasing the $3,000 capital loss deduction. Do so and people wouldn’t have to carryover much of their capital losses to begin with .

I would be okay with increasing the personal limit while restricting the amount you can deduct based on future losses, sure. Of course I personally think an economy based on speculation is terrible, so as usual,  think we just have different motives.

This isn’t speculation, this is actual losses you incurred.

Say someone incurred 50k in capital losses this year , and then incurred 45k in gains next year . Why shouldn’t they be able to use the 47k in unused capital losses to offset that 45k gain because that 47k loss is not a random number as it’s part of an actual loss you incurred.

Like how does it make any sense to say that you can’t deduct/offset all of your 50k in losses but then your 45k gains will all be taxed .

[MarkD]

Just remember that the purpose of a tax code is to collect revenue, not to punish people for being successful. If the former is the reason for this increase, then that's fine, and I don't object.

[wnwnwn]

The rich should be taxed, but taxing unrealised gains is nonsense.

[Green Line]

What a moron.

[Associate Justice PiT]

Also did anyone see the even more insane unrealized gains tax ?

     Probably meant to counteract the extreme holding mentality that, as S019 points out, this would push people into. It's still really aggressive though to be taxing people so hard for a gain that only exists on paper; I could imagine an asset-rich cash-poor individual not being able to make those payments.