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Economy/Business / Re: Biden Calls for Record-High Tax Rate, Just a Few Points Shy of 50%
« Last post by Hoodat on Today at 03:57:29 am »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.