In reply to Funky Winkerbean

Funky Winkerbean said:

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Ag_B_10 said:

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Where are the brandon supporters to support this?

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They hide until it becomes something Trump related.

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In reply to schmellba99

schmellba99 said:

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RedHand said:

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TheCurl84 said:

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He has formally proposed this.

If he is re-elected and if the Dems win both chambers of Congress, this will happen IMO.

Would you expect there to be any grandfathering policy as part of this?

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Congress would be voting against their own interests. I don't think this would pass as easily as you think.

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I have no doubt there would be caveats and carve outs for elected officials and their families. Wouldn't be the first time something like that has happened.

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That is always a possibility, but it's not going to be popular with either sides voter base if they do that.

And things are much harder to hide now with the way news travels on social media.

You want to kill investment in the U.S., this is how you do it.

If this were to pass, the selloff in real estate, stocks, and other long term assets ahead of implementation would look like a tidal wave destroying the U.S. economy.

Democrats cannot stand it when people work hard, invest, and make money. Anything that creates independence and generational family wealth is like kryptonite to them. They need to go ahead and rename themselves the Marxists Party of America.

My CRE in California would have over 2 million in capital gains if I sold today. Add the California state income tax on that (they don't do capital gains rates) of 12.3% to the 44.6%, on top of depreciation recapture, and I'm left with next to nothing on an investment property worth over 3 million. Incredible...

The next step will be to take away the 1031 exchange option. Which is coming. Sell now if you have the chance.

In reply to Ag CPA

Ag CPA said:

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Congress would never pass this, in large part due to self interests as noted above.

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Congress exempted themselves from social security payments for decades. Rules for thee not for me.
ETA: nevermind, I was beaten posting this by ..,,, well everyone.

In reply to Logos Stick

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The very wealthy will leave the country for a place with no extradition. Taxing someone on unrealized gains is weapons grade stupidity.

The Marxists are at the door.

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So you're saying this tax will only affect the middle class...like always.

In reply to MemphisAg1

MemphisAg1 said:

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Aggie95 said:

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ahh, the old double taxation. Tax my money....I buy an investment....tax me again when I sell it.

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Capital gain taxes are even more sinister when you realize they are not indexed for inflation. An asset can appreciate in value over time simply due to inflation. Why should you pay taxes on inflation?

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Why shouldn't you?
- Dems

In reply to Nanomachines son

Nanomachines son said:

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🇺🇸 President Biden proposes a 44.6% capital gains tax, the highest in history.

The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals. pic.twitter.com/ebiYWfO9Oj

— Watcher.Guru (@WatcherGuru) April 24, 2024

In addition he has also proposed a tax on unrealized gains. HAHAHAHAHAHAHAH may as well just bury money in the ground.

Apparently Canada has already done this and it's a ****show.

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I bet you don't get credit for unrealized capital losses. FJB

Isn't the AMT effectively a tax on unrealized gains?

Regardless, it is from the devil.

relax guys. socialism will work here. they're smarter than everyone in other countries that have tried it before. you will have nothing and you will be happy. you can thank them later.

In reply to Old McDonald

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

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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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Anyone who is selling a piece of property or House they've owned for 10-20 years. When you add that to salary and other investments, many middle class people could find themselves in that category. They are expecting that one big windfall they've been holding for for a long long time for retirement, and then Joe Biden steps in with his shaky hands....

In reply to Old McDonald

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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Translation- you are okay with punishing successful investors.

First they came for the .1% but I was not in the .1%
Then they came for the 1% but I was not the 1%
Then they came for the 10% but I was not the 10%

Interesting how unsuccessful individuals would rather steal from others than learn how to be successful themselves.

Don't worry about the really wealthy successful people. They'll move money offshore. For government to stay this big and keep getting bigger and spending more and more, they'll have to extract more from everyone else to redistribute the wealth… That's why they'll need 87,000 more tax collectors and they'll need to arm them. That's also why socialism eliminates the middle and upper class and why investors abandon the country. It's been working great in Venezuela. Making your own country averse or even toxic to investment and growth with burdensome tax and regulatory environments only works well for the politically elite socialists and bureaucrats and government employees.

Both parties will never drastically cut spending. So the only solution is to increase revenue thru higher taxes.

It has to happen sooner or later. No way Congress will ever go back to only spending as much as they take in.
Printing, borrowing, and spending has been too easy for Congress.

Damn shame something in the constitution didn't address this foolishness. Both parties are to blame.

FJB should be re named to Joseph Robinhood Biden.

I had a net loss in the market for 2023. Where is my refund?

That's beyond crazy. Instead, LT cap gains should allow for cost basis to be adjusted for inflation. Biden must go!

In reply to Old McDonald

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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At the rate CAD's appreciate property? About 75% of people right now....

To your point, this is more driving of the wedge demonizing anybody that is considered "rich". Drum up anger amongs the plebes and masses, makes it easier to justify when the feds decide to start confiscating wealth like those little ole Nazis did back in the 30's.

In reply to Old McDonald

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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What does it matter?

Is it ok to stick it to them because they have more than you and I?

In reply to Mas89

Mas89 said:

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Both parties will never drastically cut spending. So the only solution is to increase revenue thru higher taxes.

It has to happen sooner or later. No way Congress will ever go back to only spending as much as they take in.
Printing, borrowing, and spending has been too easy for Congress.

Damn shame something in the constitution didn't address this foolishness. Both parties are to blame.

FJB should be re named to Joseph Robinhood Biden.

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Not quite apt. Biden robs from the middle class to pay Obama's cronies. Much more like the sheriff of Nottingham

In reply to oh no

oh no said:

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Don't worry about the really wealthy successful people. They'll move money offshore. For government to stay this big and keep getting bigger and spending more and more, they'll have to extract more from everyone else to redistribute the wealth… That's why they'll need 87,000 more tax collectors and they'll need to arm them. That's also why socialism eliminates the middle and upper class and why investors abandon the country. It's been working great in Venezuela. Making your own country averse or even toxic to investment and growth with burdensome tax and regulatory environments only works well for the politically elite socialists and bureaucrats and government employees.

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And so that makes me think about Antigua. I heard recently that this Caribbean island is seeking to lure wealthy folks with some incentives (no Visa required, no taxes, etc......if I recall correctly).

But I've also heard that the Chinese are buying the island.......

Anyone know the skinny? Got another alternative in this hemisphere?

In reply to richardag

richardag said:

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Ag CPA said:

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Congress would never pass this, in large part due to self interests as noted above.

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Congress exempted themselves from social security payments for decades. Rules for thee not for me.
ETA: nevermind, I was beaten posting this by ..,,, well everyone.

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I get that; my point is that for many this kind of thing would extend to family, friends, donors, constituency...

For all of the talk of tax reform, cap gains/carried interest changes (i.e. taxing them as ordinary income) have been off limits by both parties forever and this probably won't change.

In reply to Ag CPA

Ag CPA said:

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Congress would never pass this, in large part due to self interests as noted above.

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They will exempt themselves like they did FISA.

In reply to BCSWguru

BCSWguru said:

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why not 80 percent? 100 percent?

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150 percent for the true patriots

Tank stocks so their friends buy them up on the cheap. Bonus make the middle class more dependent on government for retirement.

Biden Treasury Department says we need higher taxes on capital gains because it would hurt white people more and take away their wealth.

Whites own too many stocks and businesses, so they need to pay. pic.twitter.com/JVv9T4zL2q

— Richard Hanania (@RichardHanania) April 25, 2024

As expected this was all because white people have too much money. This is literally their exact reasoning.

And I'm sure we'll still get morons in here that will somehow claim this is racism against minorities.

In reply to Nanomachines son

Nanomachines son said:

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Biden Treasury Department says we need higher taxes on capital gains because it would hurt white people more and take away their wealth.

Whites own too many stocks and businesses, so they need to pay. pic.twitter.com/JVv9T4zL2q

— Richard Hanania (@RichardHanania) April 25, 2024

As expected this was all because white people have too much money. This is literally their exact reasoning.

And I'm sure we'll still get morons in here that will somehow claim this is racism against minorities.

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I've predicted the same for 401ks and IRAs. Most of that wealth is owned by white people and they intend to take it.

It's the South Africa and Zimbabwe policy of taking farms, except whites don't own farms here.

Yet we have white Dems who will gladly vote for Biden.

In reply to Logos Stick

Logos Stick said:

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Nanomachines son said:

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Biden Treasury Department says we need higher taxes on capital gains because it would hurt white people more and take away their wealth.

Whites own too many stocks and businesses, so they need to pay. pic.twitter.com/JVv9T4zL2q

— Richard Hanania (@RichardHanania) April 25, 2024

As expected this was all because white people have too much money. This is literally their exact reasoning.

And I'm sure we'll still get morons in here that will somehow claim this is racism against minorities.

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I've predicted the same for 401ks and IRAs. Most of that wealth is owned by white people and they intend to take it.

It's the South Africa and Zimbabwe policy of taking farms, except whites don't own farms here.

Yet we have white Dems who will gladly vote for Biden.

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Yep, 401k, 403b, IRAs, and Roth IRAs are all next. They want white people's money so they can give it all as reparations to everyone on the planet whites have harmed, which is now all minorities.

In reply to TheCurl84

TheCurl84 said:

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He has formally proposed this.

If he is re-elected and if the Dems win both chambers of Congress, this will happen IMO.

Would you expect there to be any grandfathering policy as part of this?

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Then what the eco crashes. ITs what they want. Then they come in with real communism and real gulags.

In reply to Tard_85 This is also why they need full censorship control over the internet, so any dissent can be punished/deleted.