Biden wants retroactive tax increase on capital gains (salary, how much, dollar)

[WRM20]

Originally Posted by Frank DeForrest

Raise interest rates, stop creating new money, cut govt spending and taxes drastically...only then can there be a recovery.

Start with cutting the Pentagon budget in half.

Originally Posted by Toyman at Jewel Lake

Why 5%? Americans pay an average of about 40% in various taxes-moneys being wired out of this country should be taxed similarly.

Most of the money wired out of the country has already been taxed.

[Enough_Already]

Originally Posted by Newfangle9

I always thought retroactive laws were unconstitutional. Silly me I reckon.

I don't think many of the democrats will vote for this. How many democrat voters have 401k accounts?

[WRM20]

Originally Posted by Enough_Already

I don't think many of the democrats will vote for this. How many democrat voters have 401k accounts?

This would not affect 401k accounts. In general, everything that comes out of a 401k is taxed as ordinary income. (I am not going to get into the NUA deal, because it's not used that often)

[TheseGoTo11]

And most of his spending is just paybacks to his union supporters. The GOP's been pretty weak in calling the Dems out on this.

[Goodnight]

I don't see that it's retroactive, did congress pass his proposal.

[Grlzrl]

Originally Posted by WRM20

Start with cutting the Pentagon budget in half.



Most of the money wired out of the country has already been taxed.

Yes, as has most of the money paid out in capital gains, dividends, and estates.

[WRM20]

Originally Posted by Grlzrl

Yes, as has most of the money paid out in capital gains, dividends, and estates.

Capital gains haven't been taxed. Dividends, yes, they've been taxed. Estates, it depends on the asset. Cash ahs been taxed, everything else hasn't.

[Grlzrl]

Originally Posted by WRM20

Capital gains haven't been taxed. Dividends, yes, they've been taxed. Estates, it depends on the asset. Cash ahs been taxed, everything else hasn't.

https://taxfoundation.org/capital-gains-taxes/

The tax treatment of capital income, such as from capital gains, is often viewed as tax-advantaged. However, viewed in the context of the entire tax system, there is a tax bias against income like capital gains. This is because taxes on saving and investment, like the capital gains tax, represent an additional layer of tax on capital income after the corporate income tax and the individual income tax.


...Capital gains face multiple layers of tax, and in addition, gains are not adjusted for inflation. This means that investors can be taxed on capital gains that accrue due to price-level increases rather than real gains.

Capital gains taxes affect more than just shareholders; there are repercussions across the entire economy. Capital gains taxes can be especially harmful for entrepreneurs, and because they reduce the return to saving, they encourage immediate consumption over saving....

[Isleofpalms85]

Another way the commie globalists are trying to crash the U.S. economy, since coronavirus didn’t do it.

[hbdwihdh378y9]

Originally Posted by Frank DeForrest

How long before the IRS is tasked with exhuming bodies and removing gold fillings?

And the pennies from their eyes.