Amazing.. $6T in new debt spending proposed..
- Thread starter noble cane
- Start date
Also new forms of revenue generation proposed to (at least slightly) offset that.
Our kids and grandkids are F’d. It’s almost like they have no clue about debt service costs and that such costs will reduce our ability to fund current entitlement programs. Example #1 on why a political system which solely focuses on short term windows is bound to implode.
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Curious to see how long it takes world governments to mount an all out assault to outlaw Bitcoin. Something I assume is coming.
Yep.. those middle class tax hikes are gonna do wonders for the economy.
40% tax on capital gains. I don’t buy that these politicians don’t understand what they are doing is hurting not helping. We are witnessing the destruction of our republic.
Isn’t the tax increase actually at $200k contrary to what Biden had promised ?
Also...is there a threshold for capital gains tax increase ? How aren’t middle class taxpayers who are invested in stock and mutual funds not affected by this tax increase ?
What happened with Bitcoin this week is a perfect example. You must not own any crypto currency. I added educational videos here to educate you.
Coinbase to Suspend XRP Trading from January | Cryptocoin Stock Exchange
Last week, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs over its XRP token and the company has had to face a number of setbacks since then
cryptocoinstockexchange.com
Dont wait too long to get into crypto currency. You will look back and regret the window of opportunity you have now.
Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.
President Biden’s Campaign Tax Plan
Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021...
taxfoundation.org
Why would we want to tax people at that % who make that much money? We are all trying to get out of the rat race. This tax makes it that much harder to accomplish that! It doesn’t take a Business genius to see that these policies will destroy our country.Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.
President Biden’s Campaign Tax Plan
Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021...
"Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires." -John Steinbeck
What about the 3.8% surtax paid on investment income by single payers over $200k and joint over $250k?Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.
President Biden’s Campaign Tax Plan
Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021...
You do realize the WSJ analysis suggest this hike in capital gain rates will actually reduce tax revenue ?
They all have no idea what they are talking about, are purposefully remaining silent because they know the true, being paid to lie, or have promises or debts outstanding so they have incentive to lie.
Can’t speak for everyone, but if you live in San Fran, NYC, or DC, not only is $400K not middle class it’s barely making it if you have kids. Good luck owning a home that you think your effort and talent deserves.
So why push socialism. This whole Robin Hood take from the rich and give to the poor is pure socialism/communism. Before the Infiltration, people used to be arrested for spreading communist ideology. How the Mighty have fallen
The average salary in San Francisco is 100K. 400K is well beyond middle class anywhere in the country.
That tax was in acted in 2010 and retained by Republicans in their tax bill in 2017. Over 3/4 of it is paid by those earning over 1,000,000. For yearly income earners between 200K and 500K thats worth about $200.
As for the WALL STREET journal... go figure a publication centered around people who endeavor to earn money through capitol gains is against paying taxes on those gains.
Why should a person be allowed to day trade with capital gains that are, at the top level, taxed at half the rate as typical wages? (20% currently vs 37% for a the top income bracket.)
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don't care how much sincome someone makes. it's the untamed freebies: country club memberships, spa and boat trips, three martini lunches . . .
If you think he can pay for all this by taxing the "rich" then i want what you are smoking.. all the confiscated wealth of Bezos, Buffett, Gates, and Musk cant even touch this ...
The middle class will pay for this through taxes, inflation, and higher interest rates.. the rich will be fine. But the average american will suffer.
Married filing jointly is 400k.. otherwise it is 200k... middle class.
Exactly. Lots of folks married filing jointly in California with two kids really struggling to make it right now with both making $200K
You have no idea what you are talking about. Single filing individually qualifies with an income of $85,000 as below the poverty level and qualifies for food stamps. It’s $117,000 if you’ve got two kids. It costs $2500 to $3000 a month to RENT a studio apartment.
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“Struggling to make it” bull-fing-crap. There is no household in the US earning 400K per year that is “struggling to make it”.
After California taxes, cost of living and child care, I can tell you first hand there’s not a lot left over in San Fran. If you’ve got any amount of student loan debt or credit card debt and you aren’t in the tech industry and over 30, you’ll never own a house.
Stock trades aren’t the problem here. Not sure why you would even bring them up as they have an insignificant impact on growth. At risk capital is the issue. Why is it difficult to comprehend the impact of a 40% capital gains tax rate when Europe sits at roughly half? Why is it difficult to understand a 40 plus percent tax rate will reduce investment in capital projects? Why is it hard to understand this will have a harmful effect on growth and investment?
Aston...not directing these questions necessarily at you but to those who support raising cap rates to over 40% especially considering the limited amount of tax revenue, if any, the increase will generate?
As far as the WSJ, they are one of the few publications who understand cause and effect. Something obviously missing from this topic. Hell....we’re talking about day trading
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Most capital gains rates in Europe aren't half. They are closer to 26-33%, especially in the countries with any significant infrastructure or economic potential to realize capital gains. (France is 34% at the top. Austria is 27.5. Finland 34%, Denmark 42%, Germany is 26.38. Netherlands is 31) The reason you invest in capital projects, is partially because you want access to American markets. Not just because you want the benefits of not paying taxes on the fruits of other peoples' labor that you confiscate. Europe still has significant amounts of capital investment despite currently having higher tax rates than we do.Stock trades aren’t the problem here. Not sure why you would even bring them up as they have an insignificant impact on growth. At risk capital is the issue. Why is it difficult to comprehend the impact of a 40% capital gains tax rate when Europe sits at roughly half? Why is it difficult to understand a 40 plus percent tax rate will reduce investment in capital projects? Why is it hard to understand this will have a harmful effect on growth and investment?
Aston...not directing these questions necessarily at you but to those who support raising cap rates to over 40% especially considering the limited amount of tax revenue, if any, the increase will generate?
As far as the WSJ, they are one of the few publications who understand cause and effect. Something obviously missing from this topic. Hell....we’re talking about day trading
I think the 38% rate that the Biden Administration proposed was likely a high-ball offer for Democrats in Congress to negotiate with. It will likely come down, somewhere in between what it currently is, and what that proposal was. I'm talking about trading, because the stock market is where we see the most significant capital gains, and it's where Billionaires tend to realize their gains... and those are the people that we are actually talking about.
Most of the arguments I've seen against these increasing rates include arguments that we won't be able to realize the benefits of the rates increases because the rich will dodge them... my contention then? Close the loopholes. Prosecute the evaders. Make them pay what they owe to a society that has given them much.
Here's a follow up question for those worried about the level of debt that the US has gone into.... how do you propose that we get out of it??? We've seen that simply lowering tax rates and hoping that the associated increase in GDP will cover the decrease in federal revenues doesn't always work, especially when historic fiscal events for the US occur. (like 9/11, Covid, or the 2008 financial crisis, etc...)
Republicans blanket refuse to increase taxes on the people benefiting most from our economy and they more or less refuse to cut federal defense spending. Their only contention is that we need to cut entitlements, which on its face is plausible, until you realize that those entitlements are the difference between being lower middle class / working poor and an abject bread-line / retired elders eating cat-food type poverty for millions of Americans.
If we can't tax the people who are conglomerating the wealth, and letting those rich people accumulate even MORE of that wealth through lowering their tax burdens hasn't seemed to work... what CAN we do?
Republicans blanket refuse to increase taxes on the people benefiting most from our economy and they more or less refuse to cut federal defense spending. Their only contention is that we need to cut entitlements, which on its face is plausible, until you realize that those entitlements are the difference between being lower middle class / working poor and an abject bread-line / retired elders eating cat-food type poverty for millions of Americans.
If we can't tax the people who are conglomerating the wealth, and letting those rich people accumulate even MORE of that wealth through lowering their tax burdens hasn't seemed to work... what CAN we do?
We aren’t cutting entitlements because it would devastate middle class small businesses and to a lesser extent, depending on what state, middle class wage earners administering those programs. Which would devastate state and local income tax collection, again depending on what state, governments already teetering on the edge of insolvency. As well alienate the key demographic in every purple part of every district. People on food stamps are just the middle men for putting tax dollars in the pockets of Reasors. If you want to get re-elected you don’t disrupt that. Wal-mart would go bankrupt with even slight dips in snap benefits.
Republican give lip service to cutting entitlements, because it polls well and can bring in short term cash from select donors. Then they promptly sit down with grocery store lobbyists and the independent convenience store association, tell them they have nothing to worry about and cash those checks too.
Neither party cares about the debt. We print our own money. If we need more we make more. Nobody can get anything done alone and no party can get anything done without a supermajority in both houses and a president who gets to take the credit. Even if you get over that hurdle, you’ve still got power drunk Article III judges willing to enjoin political questions. So governing has become log rolling. You go along to get your project done too. How much you are able to help dictates how much of your agenda gets done in turn.
Stop looking at the world through the eyes of what MSNBC and The Atlantic wants you to believe about “right policies and wrong policies” or “good versus evil” or even “right or left”. The game is much more complex. And more often than not, there is no solution.
Republican give lip service to cutting entitlements, because it polls well and can bring in short term cash from select donors. Then they promptly sit down with grocery store lobbyists and the independent convenience store association, tell them they have nothing to worry about and cash those checks too.
Neither party cares about the debt. We print our own money. If we need more we make more. Nobody can get anything done alone and no party can get anything done without a supermajority in both houses and a president who gets to take the credit. Even if you get over that hurdle, you’ve still got power drunk Article III judges willing to enjoin political questions. So governing has become log rolling. You go along to get your project done too. How much you are able to help dictates how much of your agenda gets done in turn.
Stop looking at the world through the eyes of what MSNBC and The Atlantic wants you to believe about “right policies and wrong policies” or “good versus evil” or even “right or left”. The game is much more complex. And more often than not, there is no solution.
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