General Category > Politics/Government

Under Biden Tax Plan, Capital Gains Tax Will Exceed 50% In 11 States

<< < (2/2)

mountaineer:
I've never seen a definition of "loophole."

DB:

--- Quote from: banddag on May 06, 2024, 05:23:22 pm ---Only applies to people making 1 million or more in taxable income and according to Forbes there are loopholes in the plan-it will only affect a very small amount of people. . Vast majority of Americans, even Republicans,  believe billionaires should pay a higher tax rate.

Yes they have the top tax rate but they have so many ways to take income as loans at the top tax rate is  never met or avoided entirely

NYT   article  top 400 billionaires only paid 23% of their wealth in taxes each year due to loopholes and such in 2018

https://www.nytimes.com/interactive/2024/05/03/opinion/global-billionaires-tax.html

--- End quote ---

Says the tax the "rich" "conservative"...

All good as long as it is someone else that pays. While you cheat on your taxes...

Really love the "wealth" part in taxes... Not income, but wealth...

mountaineer:

Stephen Moore
@StephenMoore
Capital gains tax rates under Joe Biden's plan:
Georgia - 50.09%
Iowa - 50.3%
Kansas - 50.3%
Idaho - 50.4%
Nebraska - 50.44%
Maine - 51.75%
Oregon - 54.5%
Minnesota - 55.45%
New York - 55.5%
New Jersey - 55.5%
California - 57.9%
This will bring vital investment in start-up companies to a standstill!
3:57 PM · May 7, 2024

Thomas Del Beccaro
@tomdelbeccaro
The result will be predictable:
1.  Assets sales will drop because the tax on sales is too high.
2. Asset values will drop because the high tax will weaken supply.
3. Capital gains tax revenue will drop as sales drop.
4. CA saw a drop in Public Offerings of stock from 191 in 2022 to just 25 in 2023 causing higher deficits in CA. The proposed Biden tax will only make that worse as companies look for other states for lower taxes.  That will result in CA Democrats looking to raise income taxes.
5.  Less public offerings will reduce economic growth because companies will not be able to raise capital to expand and hire employees. 
As Calvin Coolidge said, a tax that is too high is not paid.   Once again.
8:19 PM · May 7, 2024

Navigation

[0] Message Index

[*] Previous page