at 37% to 46% rate on anything your parents try to leave you.
For the “rich” who make more than 346k/yr, that capital gains tax rate is 46% with further taxation of “unrealized gains”….meaning gains on stocks and other such entities that were seen in the market even if the investment isn’t cashed out. Nevermind that there will be no “unrealized losses” deduction for those stocks, etc that drop within each year, and nevermind that deductions don’t give a dollar for dollar return that a taxed unrealized gain would.
This does NOT include any state and local taxes added on to this either! (Blue Staters esp should take note).
This will devastate the economy. That is not an understatement.
Btw, the Biden “unrealized gains tax” is coming for the middle class “nonrich” very shortly.
Link: https://www.foxnews.com/politics/bidens-capital-gains-tax-proposal-could-have-major-economic-impact-experts-say
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Link: https://www.gasbuddy.com/gaspricemap
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over 10 years"...anyone here against that?...btw, did DJT and the GOP offer such relief to the Middle Class back in 2017?
Meanwhile, keep this excerpt from Baron's FOX link in mind...
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The Treasury Department's report states that the 44.6% rate is a combination of proposals, including increasing the top ordinary capital gains rate from 20% to 37%. The bulk of the tax hikes impact Americans with taxable income greater than $1 million.
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Note that FOX was able to survive paying $787M just for the privilege of continuing to knowingly lie and mislead its followers...an increase in taxes on their profits isn't going to devastate them...or anyone else making over $1M/yr...let's no fall for this nonsense.
Link: https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/#:~:text=Cuts%20Taxes%20for%20Working%20Families%20and
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and it's a global issue...here at home it is persisting in the mid-3% range due to "sticky" inflated profit margins by many large business entities...nothing at all to do with Biden/Dem spending. Thus far the U.S. has fared better than most other countries in bringing the level down...our economy is still strong, as evidenced by market levels.
I know you wish it weren't as good as it is, so that a Rapist, Racist, Fraudulent Insurrectionist could return to the White House, but you are WAY better off with JB there than DJT and his totally incompetent MAGA lackeys.
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Approved by the Biden Admin.
creation…the only involvement from the Biden administration was additional COVID stimulus to what Trump had provided, which the Fed deemed beneficial in that it prevented the real risk of ‘Deflation”.
You can Google “What caused our recent inflation” for yourself…also, while you’re at it, Google “Guardian…Half of recent US inflation due to high corporate profits…”
Link: https://en.wikipedia.org/wiki/2021–2023_inflation_surge
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get out of your bubble and read what's actually happened since 2017...
Link: https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver
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For multiple reasons:
1.) There should be a flat tax, not the graduated system we have.
2.) I think a tax on consumption is better than income. That is a much better way to ensure equality.
3.) Roughly half of the people in the US pay no federal income taxes at all. I think everyone should have some skin in the game.
You really need all three in combination. If not, the incentives are not aligned with fairness.
...send us a post card ;-)
Link: https://worldpopulationreview.com/country-rankings/countries-with-flat-tax
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they not examples of more desirable economic environments than here in the U.S.?
Here's an excerpt from the link I provided...
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Greenland, for example, has a flat tax, and at 45%, it is one of the world’s highest taxes. Nevertheless, Greenland has few of the social services that many developed countries have. Similarly, Mongolia and Kazakhstan have flat taxes of 10%, and Bolivia and Russia have flat taxes of 13%, yet these countries do not have well-developed social sectors. Hungary and Romania have flat taxes of 16%, and Lithuania and Georgia have flat charges of 20%. Many of the countries with flat fees have lower standards of living than the nations that surround them.
However, there are arguments in favor of a flat tax, one being that not taxing the rich at high rates incentivizes them to remain in the country and spend their money there. Imposing high taxes on the rich can cause them to set up offshore accounts in tax havens, as happened with The Beetles when the UK government taxed them at 95% of their income.
Many in the United States favor imposing a flat tax, at least in part, to encourage the rich to spend their money domestically rather than to keep it in tax havens. Others believe that not taxing the rich at rates higher than the poor will leave critical social institutions, such as schools and roads, underfunded.
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btw, I'm with the "Other" group.
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No one is signing up for a tax on "unrealized gains." A stupid idea by a stupid band of puppeteers.
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Then it will not be proposed.
Dems are in lockstep, and just after an election, if they gain control of the House and Senate they will absolutely pass this. It will initially be passed as less in the House and then modified to Biden Handler specs in the Senate for him to sign.
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It’s one or the other.
ust about everything but paying down the debt?
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All else is political theater.
I’m a moderate debt hawk. But I’m always amused by the extreme debt hawks who also insist that taxes never rise.
The math just cannot get you there.
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promises are ok now?
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