Biden proposes higher taxes

[rantiquity]

President Biden has formally proposed the highest top capital gains tax in over 100 years. Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.

Do you think if this come true or not will it hurt or help Biden's election chances?

[oregonwoodsmoke]

His voters love the idea of "tax the rich".

[leastprime]

Gotta pass the House and Senate first.

JMO, taxes are need to be distributed across all economic strata so that people need to know how one funds government services. Also I don't believe in high net worth transfers of wealth without appropriate taxation.

[leastprime]

Quote:
President Biden has formally proposed the highest top capital gains tax in over 100 years. Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.

The key word is "top".

DS will inherit our properties at step-up. The issue isn't the Federal but Washington's estate/inheritance tax. [DS doesn't need our wealth].

[Transmition]

I'm sure there are people dumb enough to think that a 5% increase in investment income tax for over $400,000 above the $500,000 exclusions per couple will affect them when they only have a $50k salary as income.

The number of people making close to a million in investment income is pretty small, but wealthy enough that they can influence voters with where they spend some of it to save a bit more.

[Returning2USA]

Originally Posted by leastprime

The key word is "top".

DS will inherit our properties at step-up. The issue isn't the Federal but Washington's estate/inheritance tax. [DS doesn't need our wealth].

Excuse my ignorance.

What does "DS" mean?


TIA

[leastprime]

DS= dear son (39).

[rantiquity]

Originally Posted by Transmition

I'm sure there are people dumb enough to think that a 5% increase in investment income tax for over $400,000 above the $500,000 exclusions per couple will affect them when they only have a $50k salary as income.

The number of people making close to a million in investment income is pretty small, but wealthy enough that they can influence voters with where they spend some of it to save a bit more.

My question is very simple...why does the government, Federal or state, need more money?
34 Trillion in debt is not an investment. Its a burden to present and future taxpayers.
Wasting money on 'pork' spending that only benefits the few is burden on the rest.

[skeddy]

Originally Posted by rantiquity

My question is very simple...why does the government, Federal or state, need more money?
34 Trillion in debt is not an investment. Its a burden to present and future taxpayers.
Wasting money on 'pork' spending that only benefits the few is burden on the rest.

they have an insatiable desire for it. It's just been loaned to you until they can identify a need to take more of it.

[wolfdog]

Originally Posted by rantiquity

My question is very simple...why does the government, Federal or state, need more money?
34 Trillion in debt is not an investment. Its a burden to present and future taxpayers.
Wasting money on 'pork' spending that only benefits the few is burden on the rest.

Largely, those who don't pay income tax, use most of our resources. Unfortunately, there will be millions more.