Biden wants to increase tax rates by 44.6% If you’re a citizen of the USA, are you for or against this?

[CriticalCatDad123]

- Biden announces massive tax increase, raising some rates to the highest levels in history - https://youtu.be/olTWHHrVT4o?si=_XKd-8lJWZfrvtk3
- President Biden Calls for 44.6% Capital Gains Tax Rate - watcher.guru/.../president-biden-calls-for-44-6-capital-gains-tax-rate

For

Against

I am not from the United States

Updates

+1 y

“It’s turning now,” the worker said in a thick New York accent. “It’s Trump’s turn again.” reporter following the ex-president’s visit when he was asked: “What’s your message to Joe Biden?” “F–k you,” the worker replied. - nypost.com/.../

[exitseven]

Just another reason to put Trump back in the White House. Taxes are too high already. Trump will make the Trump tax cuts permanent. Biden said he will repeal them forever. The middle class needs tax relief, not more taxes.

[onedarkcloud]

Everything with Biden TAX , TAX, TAX , and give to everyone else except our own people. This has to stop! THE DEMOCRATIC COMMUNIST PARTY OF AMERICA is destroying this once wonderful country,

[CriticalCatDad123]

Agreed 110% it needs to stop

[GoodGuyBreakingBad]

I'm against tax increase

[loveslongnails]

Don't get your panties all in a twist, people. It's all for show and will never fly. The wealthy are the ones WRITING the tax code, and they're not going to suddenly tax themselves on increased asset value before selling it.

But just so you know, this is already in place and has been for years when it comes to your local property taxes, and it's caused many a headache and lawsuit. When your property's resale value skyrockets, the municipality wants to raise your MIL rate. But why? The cost of providing services has only gone up a few points, but now your property is worth 50% more on the market! Well, they don't LOWER your MIL rate when values go down, do they?

This is just political bullshit, and the links provided don't tell you much. When you need to raise revenue, it should be taken from where it's most available, and that's companies making soaring, record profits and wealthy people who pay little compared to what they earn.

[WindAtMyBack]

Tax on unrealized gains? You gotta be kidding! So you have to pay taxes on something you never had, and maybe never will have? He wants to tax money that doesn't even exist.

I have a better idea. Stop spending so damn much money.

[onedarkcloud]

Sounds like AOC is whispering in Bidens ear. She didn't know the difference between a TAX and a TAX CREDIT and lost over $150,000,000 for her constituents and businesses. But she knows how to spend money on the green deal and her other give aways and vote to raise taxes to cover their spending

[Snakeyes7]

Biden doesn't want people to own property. You will own nothing and you will be happy. I hope that fucker gets kicked out of office and ALL of his policies get removed immediately.

[onedarkcloud]

@Snakeyes7 Did you know that SCUMBAG BIDEN has already signed the mandate to switch from paper and coin to DIGITAL DOLLARS. Now they can turn off and on your money or remove it from your account at any time for any reason

[WindAtMyBack]

@onedarkcloud

" already signed the mandate to switch from paper and coin to DIGITAL DOLLARS"

He did no such thing.

[onedarkcloud]

Well, won't we be surprised won't we?

[blondfrog]

Yeah he's a piece of shit. I hope he loses the election. He wants to increase the taxes so he can support and give more money to Israel. Meanwhile the rich will still find ways to give themselves tax breaks while us middle class workers end up paying the most in taxes.

[normalice]

No he doesn't. Far right carnival barkers are saying this because they know it will trick naive people into standing against it but in real life it would only be raising taxes on the rich - something absolutely every Trump supported said they were for when Trump hinted at it but now are against it because they believe in magic.

[strateguy632]

he gave a link. you just show you prefer disinformation to try to mislead. pathetic!

[normalice]

I understand you brainwashed Trump junkies need to tell yourselves that you are seeing something that isn't there but the simple fact is Biden is doing exactly what Trump promised to do. The problem is you ragetards never actually wanted a solution, you just wanted to be mad.

[JacobJordan]

How many people even know what capital gains tax is?

[KrakenAttackin]

@JacobJordan People are effected by it whether they understand it or not.

[JacobJordan]

@KrakenAttackin indeed. The reason I ask is capital gains tax is only applied in certain situations. For example it is not applied to the money you make or even the things you buy

[KrakenAttackin]

@jacobjordan. I am a former series 7 and 66 broker, so I am well aware. Any tax increase is criminal theft.

[JacobJordan]

@KrakenAttackin that is certainly true. Though if we are being honest regarding tax in general it has only existed for about 100 years in the US it could easily be removed lol

[JacobJordan]

@KrakenAttackin 1909 if memory serves. The implementation of amendment 16. Though prior to that there was the 1861 tax during the Civil War. First taxation ever for Americans as well as far as I am aware. And then the introduction of the 1099 in 1940 something.

[KrakenAttackin]

@jacobjordan. Right, before that taxation was sent to Great Britain. Our tax codes are a mess in the U. S.

[NamerOfStars]

Few enough that most people will see this as "Biden wants to increase taxes!" and not bother to ask any questions or think any more about it.

[slatyb]

@KrakenAttackin Hardly anyone pays capital gains tax -- most people don't own equities.

[slatyb]

@KrakenAttackin Right, you should go live on a planet all by yourself where there is no government or other people to bother you.

You benefit from government services, and someone has to pay for them.

[KrakenAttackin]

@slatyb That's not true. You would be shocked how many people inherit boat loads of stocks/bonds which aren't sheltered in IRA's.

[KrakenAttackin]

@slatyb You are either a troll or an idiot. I am betting on the latter.

[JacobJordan]

@KrakenAttackin my money's on both lol. But precisely why it is so important that people know what capital gains tax is.

[KrakenAttackin]

@jacobjordan. Agreed!

[slatyb]

@KrakenAttackin LOL. Can't support your position, so insult your opponent like a child. Please tell me how you are able to live in the US while consuming no government services. If you own equities you are definitely benefitting from a legal system that allows people to enforce contracts. No rule of law = failed state. Maybe you should try living in one.

[KrakenAttackin]

@slatyb NEWS FLASH: WE ALREADY PAY A SHIT TON OF TAXES.

[slatyb]

@KrakenAttackin compared to other development countries? Now so much. Which specific government expenditures do you think should be cut? The Trump tax cuts results in huge deficits. That's what Republicans do.

[KrakenAttackin]

@slatyb Where to begin. Let's get rid of the Dept of Education, IRS, EPA, BATF, FBI, and a ton more.

[slatyb]

@KrakenAttackin were you alive before we had the EPA and the Clean Air and Clean Water acts? I hate up near Pittsburgh and it was horrible. The FBI? So if a criminal is about to cross the state line they get away? BATF? So citizens can stockpile grenades, surface-to-air missiles, etc? You don't want to live in a country without those agencies.

[exitseven]

I do , I do.

[JacobJordan]

@exitseven fantastic! Could you explain to our less than optimally mentally proficient students what it is lol

[exitseven]

@jacobjordan Okay- it is a tax that you have to pay the government on the profit you make on the sale of an asset.

[JacobJordan]

@exitseven very nice. Let's hope the class payed attention cause they will rapidly realize that in most situations capital gains does not effect them. There are only a handful of situations in which it applies. That being said increasing the tax on it seems like a dick move because lets be real the government is only doing this because they blew billions on stupid things and things they shouldn't. America just needs to do what everyone else does when they need money... start a war. No I jest. But seriously America come on!!!

[FreyaRed]

This tax would kill capital market and all parasites like banks instantly, it's not necessarily bad but it would cause an gigantic negative impulse and long economical destabilization phase. I don't think Trump will ever tax his cronies that way, this statement can be considered as another populist vaporware

[strateguy632]

biden waited to get donors money before angering his rich donors.

it also can harm industry. super stupid.

[NYlatefun]

Such a misleading question, he doesn’t want to increase TAXES BY 44.6%. He wants to increase the capital gains tax TO 44.6%. That won’t affect most Americans as they don’t invest in the stock market and not this tax is not only for the super wealthy as some responders are saying, it’ll affect anyone who used to benefit from the long term capital gains tax rate.

[WindAtMyBack]

Actually, the majority of Americans own stock.

[NYlatefun]

@WindAtMyBack it’s 58% of Americans but that includes retirement accounts that are treated differently, this tax increase wouldn’t affect them.

[WindAtMyBack]

In some ways it's actually worse for retirement accounts. I've never seen the numbers, but I suspect a small portion is inside retirement accounts.

[DarkWinterNights]

Wouldn’t this also include homes because it’s unrealized gains? Since the average cost of a home in the US is just about 400k, this could technically effect most of the middle class?

[WindAtMyBack]

@DarkWinterNights

Homes are a special case. Unless it has changed, gains on your primary home is tax free. There are rules that apply, but I don't know the details.

The thing is, a home builder can do this and get tax free income if it's done right. But since it must be your primary residence, you can't build a house and immediately sell it tax free. I think you have to live in it for a year?

But you don't really have to live in it. It just has to be your legal residence. Get a mail box as soon as possible, even before the house is finished. Once you have a mail box you can use it for your official mailing address. This can allow you to start your one year of residence weeks or months earlier.

Let's say you build a house for 250K and sell it a year later for 400K. That's 150K profit in one year, tax free.

This might have changed, and I might not be remembering it right, but it's something like this.

[slatyb]

But not for everyone, only the wealthiest Americans. Bush and then Trump broke the budget with their tax cuts.

[slatyb]

Right, because almost none of them have annual incomes above $1 million.

[Snakeyes7]

You will never get me to think that raising taxes is a good idea. They don't need any of this money, especially since the federal reserve is printing more and more money. They are just going to ship it all into Ukraine and Israel and we don't see any of it ourselves among all the other ponzi schemes we have going on.

[goaded]

How often have you cashed in hundreds of thousands of dollars of assets in one year? It's Capital Gains taxes, people! Read the parts people like the Asker and Tim Pool want you not to pay attention to.

[jshm2]

The USA has had it too fucking good for the past couple of decades. Time for it to pay it's bills.

[jamesgoldman]

It's the only way he'll finance his retirement

Wealth confiscations and genocide will be in Biden's guaranteed 2nd term

[Ez-Bri-Z_v2]

I'm not making more than 400k a year which is who this would be affecting so I'm all for it.

[slatyb]

It's more than that -- it's over 400K in capital gains and over $1 million in total income.

[Ez-Bri-Z_v2]

Even more reason for these people to stop freaking out. It's not going to ever affect them. I don't understand why so many poor and middle class stan for the rich getting more tax breaks.

These people like Tim Pool under report what's actually going on just to scare Republicans even more. It's pathetic.

[Snakeyes7]

"Don't worry guys, it'll only affect the rich" is what they always say and even if it is true, the effects will reach the poor eventually.

[AviatorTom]

Do the Math!!!

Increasing taxes by 44.6% is cutting taxes about in half. I'm all for that.

[strateguy632]

but according to math increase is + not divide.

[AviatorTom]

@strateguy632 Yes , but an increase only causes the number to increase when it's greater than 100%.

[slatyb]

That's not what "increasing by a percentage" means. $100 increased by 10% is $110.

[dreamstar72]

Even if he did it won’t be his or other politicians paying the tax increase. Be all on the average tax payers

[slatyb]

This increase won't affect the average taxpayer in any way.

[dreamstar72]

I know a lot of couples with a 250,000 plus income and it will affect them. Average income for a person is about 90,000 per year so x 2 = 180,000. So most average people do invest.

[slatyb]

How many couples do you know with incomes above $1: million? It's won't affect the others.

[Iron_Man]

Against it, he doesn’t know what he’s doing

[summiter]

He wants to raise taxes on the ultra rich not the middle or lower class.

[katiesmuff]

Tax the hell out of those filthy rich greedy people and corporations!

[inked2014]

Yes I am for it, it will only affect the super rich motherfuckers.

[strateguy632]

but this isn't income tax it related to stocks n endangers the stock market system!

[slatyb]

@strateguy632 it does not. A tax on unrealized capital gains might. How will this affect equity markets? It may cause some people to take capital gains earlier before the taxes rate goes up, but that money has to go somewhere. There might be some sales to realize gains, but the proceeds will be immediately reinvested. What's the alternative? Put the money under the mattress?

[robocop666]

This is another reason why Trump will win this year. Like him or not its the truth.

[KrakenAttackin]

Total insanity. This will destroy investing.

[strateguy632]

and the middle class, which is the democrat plan!

[KrakenAttackin]

@strateguy632 The Democrats really believe government is the answer to everything. Makes me want to 🤮🤮🤮

[slatyb]

It won't change investing at all. The capital gains tax rate and income tax rates were much higher in the past and the economy was fine. Increasing taxes on the top 0.5% won't have any effect on the economy.

[KrakenAttackin]

@slatyb A lower rate is a huge reason people hold assets for more than a year and a day, including mutual find managers. People who don't have retirement plans at work but want to invest will get clobbered by this.

[slatyb]

No, they won't because they won't be realizing over $400K in capital gains in a single year. I'm in the top 5% for assets at my age and it won't affect me at all.

[KrakenAttackin]

@slatyb So what is the proposed income/rate? Also, what about institutional investors?

[slatyb]

This tax hike is on individuals. Institutional investments are not affected.

[gorydetails]

Biden is a psychopath.

[AngryCarl]

It won't affect you, you're poor.

[Hispanic-Cool-Guy]

Taxing the very rich is a good idea.

[Pterodon]

They’re already taxed the most

[Hispanic-Cool-Guy]

@Pterodon: Not enough..

[Pterodon]

It’s like 35%

[Hispanic-Cool-Guy]

@Pterodon: It's 37% at the highest. Should be around 42% to 43% at a federal to benefit the country much better but our government just like to give our tax dollars to Israel, Ukraine among other nations which seriously needs to stop with that BS.

[Pterodon]

How would you like to be taxed that much for busting your ass to be successful. You’re penalizing success

[Hispanic-Cool-Guy]

@Pterodon: You actually think the ultra rich "bust their ass" to get super rich? LOL

One doesn't become super rich like you been brainwashed to think by they "busting their ass"

The system is built upon to reward those gifted and greedy while exploiting those that aren't.

People like you are actually the ones busting your ass and being exploited by the ultra rich company you most likely work for while they pay just enough and far below what you actually produce with your time and effort for them to rank in several hundreds of millions if not billions while they barly give you and your fellow workers maybe 0.4% of all the profits you help generate. LOL

[Pterodon]

I don’t agree with sending money overseas and worrying about others borders instead of our own