Old McDonald said:

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chris1515 said:

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Since the OP didn't include any source...

https://www.kiplinger.com/taxes/biden-calls-for-doubling-capital-gains-tax-rate

Quote:

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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.

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important bit of context here everyone seems to be ignoring. what % of investors are clearing seven figures in capital gains a year?

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That's not important because you seem to be forgetting the first rule of Democrat Reform - incrementalism.

It's starts with 7 figures. When that is exhausted, the number will drop or they will go directly after buckets of money like 401ks with incrementalist laws for that.

But you know this.

This would apply to around 500,000 households in the whole country (those with an income of over a million dollars.) I think it's unlikely that it would have any devastating effects. Marginal tax rates in the 50's, which experienced some of the highest economic growth the country has ever seen, were well over 40%.

solishu said:

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This would apply to around 500,000 households in the whole country (those with an income of over a million dollars.) I think it's unlikely that it would have any devastating effects. Marginal tax rates in the 50's, which experienced some of the highest economic growth the country has ever seen, were well over 40%.

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In the 1950s...

1.) what percentage of the population was receiving government assistance?
2.) how many illegal aliens were allowed in the country annually?
3.) how frequently did congress pass omnibus spending bills with the caveat of "we have to pass it to know what's in it?"
4.) how many rules and regulations had the government implemented on businesses?
5.) what was the overall ethos and work ethic of the country then?

solishu said:

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This would apply to around 500,000 households in the whole country (those with an income of over a million dollars.) I think it's unlikely that it would have any devastating effects. Marginal tax rates in the 50's, which experienced some of the highest economic growth the country has ever seen, were well over 40%.

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When the rest of the world bankrupts/murders themselves for 40 years before and you are the manufacturing powerhouse of the world, your numbers look a lot better no matter what. China runs a communist government today and still has a "strong" economic numbers for precisely that reason. Please explain how this wouldn't affect most people selling property on the coasts. You are another person who seems to be making a "why do you care, this doesn't affect you." Argument.

Doesn't matter what they set the rate at. Historically, taxpayers undertake whether legal options they have such that the effective government take remains around 17-20%. What does happen, however, is that the capital investment in the economy is distorted by the policy, which affects growth and stability.

solishu said:

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This would apply to around 500,000 households in the whole country (those with an income of over a million dollars.) I think it's unlikely that it would have any devastating effects. Marginal tax rates in the 50's, which experienced some of the highest economic growth the country has ever seen, were well over 40%.

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Okay but what if you do not normally have an annual income that is 7-figures, but you have a one time event (stock options) in the 7-figures? Wouldn't that one-time event be subject to this level of taxation?

Asking for a friend.

TheCurl84 said:

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solishu said:

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This would apply to around 500,000 households in the whole country (those with an income of over a million dollars.) I think it's unlikely that it would have any devastating effects. Marginal tax rates in the 50's, which experienced some of the highest economic growth the country has ever seen, were well over 40%.

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Okay but what if you do not normally have an annual income that is 7-figures, but you have a one time event (stock options) in the 7-figures? Wouldn't that one-time event be subject to this level of taxation?

Asking for a friend.

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So we actually cleared this hurdle last year due to several unique and one-time events that all converged last year. We will never remotely come close to that again in our life barring a lottery win.

But we would have been hammered by this if it was in place. You don't have to be the Uber wealthy to be impacted by this.

And as others have already stated who have a command of basic economics this will distort investment and have far reaching impacts that Democrats are too stupid or too uncaring to realize.