Biden Calls for Record-High Tax Rate, Just a Few Points Shy of 50%

[rangerrebew]

 
Biden Calls for Record-High Tax Rate, Just a Few Points Shy of 50%
Story by Michael Schwarz • 18h •

It seems a long time since we have had an old-fashioned tax debate, and no wonder.

After all, with the establishment-dominated and deep-state controlled federal government fleecing posterity to pay for endless foreign wars, mandating experimental medical treatments approved for emergency use, censoring citizens' speech online and arresting political opponents, we have had bigger fish to fry.
 
Thanks to President Joe Biden's proposed fiscal year 2025 budget, however, the prospect of a record-high top capital gains and qualified dividends tax rate of 44.6 percent has spawned a classic clash between a conservative- or libertarian-minded opponent who decries the proposed increase on one hand, and an academic liberal spouting nonsense about billionaires paying their fair share on the other.

Americans who grew up in the 1980s have good reason to pity those who did not. Now, it seems that Biden's budget has taken us back to that glorious decade.

https://www.msn.com/en-us/money/markets/biden-calls-for-record-high-tax-rate-just-a-few-points-shy-of-50/ar-AA1nFwun?ocid=msedgdhp&pc=HCTS&cvid=699c6be855684e03ae39c2c30c274e8f&ei=22

[rangerrebew]

He's doing everything possible to destroy the America I served in Viet Nam for.

[Hoodat]

It won't be a record high.

[LMAO]

He can call for all the taxes he wants, but it’s up to Congress to pass anything

[libertybele]

He's doing everything possible to destroy the America I served in Viet Nam for.

Thank you for your service.     He's an evil heartless SOB!!!

[Bigun]

He's doing everything possible to destroy the America I served in Viet Nam for.

  Welcome home brother!

[DefiantMassRINO]

[Drago]

It won't be a record high.

Perhaps you are thinking of the income tax rate? (That was higher than 44% supposedly, but nobody paid that rate...too many loopholes/deductions).

A Cap Gains rate of 44% would be a record high...see:

https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-capital-gains-rates

Plus Biden's handlers are thinking about an "Unrealized Capitol Gains" tax...your house worth more than you paid for it...you own the gubberment the Cap Gains tax. I am sure the progressives would exempt "non-rich" homeowners, but you get the idea.

[Hoodat]

Perhaps you are thinking of the income tax rate? (That was higher than 44% supposedly, but nobody paid that rate...too many loopholes/deductions).

A Cap Gains rate of 44% would be a record high...see:

https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-capital-gains-rates

Plus Biden's handlers are thinking about an "Unrealized Capitol Gains" tax...your house worth more than you paid for it...you own the gubberment the Cap Gains tax. I am sure the progressives would exempt "non-rich" homeowners, but you get the idea.

Oops.  Sorry, I missed that.  A capital gains tax rate of 44% would be a disaster.  Can you imagine a retiree selling their house and settling in a retirement community rental?  Just like that, 44% of that equity they worked all their life for would be confiscated.

[Bigun]

The progressive income tax is the greatest evil ever imposed on allegedly FREE people.

[banddag]

Lets' see the details first before going off half cocked..  Like Bongino says wait 5 days until all the info comes out.

Is the 44% only on accounts or transactions worth 10 million or more and will never affect 99.999 of Americans?

Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.

[Bigun]

 

[cato potatoe]

Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.

That’s because the gains are unrealized.  It’s no more reasonable to tax those than the inflated value of your home. 

[Kamaji]

Lets' see the details first before going off half cocked..  Like Bongino says wait 5 days until all the info comes out.

Is the 44% only on accounts or transactions worth 10 million or more and will never affect 99.999 of Americans?

Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.

Pure libshit. 

[Bigun]

That’s because the gains are unrealized.  It’s no more reasonable to tax those than the inflated value of your home.

It's because billionaires have "invested" enough in congress to get a tax code tailored to their needs.

[Hoodat]

Bezos pays the equivalent of 1% of taxes each year or around there.

1% of what, @banddag ?

[catfish1957]

Lets' see the details first before going off half cocked..  Like Bongino says wait 5 days until all the info comes out.

Is the 44% only on accounts or transactions worth 10 million or more and will never affect 99.999 of Americans?

Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.

.0001%??????

Are you familar with the IRMAA surcharge in Medicare?  As a retiree my wife and I pay $1200/mo in health insurance.  With the most of those increases being under Pedo Joe.  Your defense of Biden is insane. 

[libertybele]

Pure libshit.

@banddag has made a comment to the effect that both he and his wife have good paying jobs and the price increases and inflation don't impact them.

So be it.

[Kamaji]

@banddag has made a comment to the effect that both he and his wife have good paying jobs and the price increases and inflation don't impact them.

So be it.

So he's just another rich white liberal who doesn't care how badly his virtue-signaling hurts other people.  That is just another aspect of his proto-fascism, just as the national socialists in the 1920s didn't care how badly their policies hurt other people (in fact, as with today's crypto- and proto- fascists, the hurt is part of the purpose behind the policy).

[cato potatoe]

It's because billionaires have "invested" enough in congress to get a tax code tailored to their needs.

Is it though?  The billionaires get tax deferrals.  The bottom half of households get all sorts of handouts, contribute practically nothing to the federal government, and still pretend they are getting ripped off.

[LMAO]

The federal government could try cutting spending instead. Just a thought

[Bigun]

Is it though?  The billionaires get tax deferrals.  The bottom half of households get all sorts of handouts, contribute practically nothing to the federal government, and still pretend they are getting ripped off.

What is the precise definition of "income"?

[roamer_1]

What is the precise definition of "income"?

YES, Lets talk about that.

I had one year where I paid corporate tax on 160k -- A 15% surcharge - and only 20k came down to me and my wife and four kids... 20k I got to pay double withholdings on btw.

Most corporations are small businesses, and most small businesses are under fire. And have been my whole life long.

[roamer_1]

Oh, and before anybody says something stupid, that 160k wasn't laying around in gold bricks. It was money I couldn't hide, like inventory and under-depreciation schedules. It wasn't but a couple grand of it actually money. And coming up with that 15% corporate tax was just like pulling teeth, and took food off my table.

[Kamaji]