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%.
Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
Worse, capital gains are not indexed to inflation. So Americans already get stuck paying tax on some “gains” that are not real. It is a tax on inflation, something created by Washington and then taxed by Washington. Biden’s high inflation makes this especially painful.
Many hard working couples who started a small business at age 25 who now wish to sell the business at age 65 will face the Biden proposed 44.6% top rate, plus state capital gains taxes. And much of that “gain” isn’t real due to inflation. But they’ll owe tax on it.
Biden’s proposed capital gains tax hike will also hit many families when parents pass away. Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — a forced realization event.
“When someone dies and the asset transfers to an heir, that transfer itself will be a taxable event, and the estate is required to pay taxes on the gains as if they sold the asset,” said Howard Gleckman, senior fellow in the Urban-Brookings Tax Policy Center.
Biden’s proposal to take away stepped-up basis has already been tried, and it failed: In 1976 congress eliminated stepped-up basis but it was so complicated and unworkable it was repealed before it took effect.
As noted in a July 3, 1979 New York Times article, it was “impossibly unworkable.”
Why Are There So Many Americans That Can’t Find a Job Even Though They Are Desperate to Be Hired? Of course the truth is that we have been sold a lie.
If you do not have a job, you are classified by the U.S. government as either “unemployed” or “not in the labor force”.
In 2008 and 2009, the combined total of those two categories never even reached 90 million. Today, the combined total of those two categories is over 106 million.
The Biden administration says that only 6,429,000 Americans are officially “unemployed”. The other 99,989,000 Americans without a job are considered to be “not in the labor force”.
Solving the Mystery of Building 7: The Smoking Gun of the 9/11 Inside Job
April 24th 2024, 5:00 pm WTC 7 is the smoking gun that undermines the official conspiracy theory of 9/11, compelling 1,600 architects and engineers to call for a new independent investigation into the destruction of the World Trade Center.
Biden Calls For Record High 44.6% Capital Gains Tax Rate
by Thinklike A. Mountain
Apr 25
Wednesday, Apr 24, 2024 - 10:10 PM
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%.
Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
Worse, capital gains are not indexed to inflation. So Americans already get stuck paying tax on some “gains” that are not real. It is a tax on inflation, something created by Washington and then taxed by Washington. Biden’s high inflation makes this especially painful.
Many hard working couples who started a small business at age 25 who now wish to sell the business at age 65 will face the Biden proposed 44.6% top rate, plus state capital gains taxes. And much of that “gain” isn’t real due to inflation. But they’ll owe tax on it.
Biden’s proposed capital gains tax hike will also hit many families when parents pass away. Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — a forced realization event.
As previously reported by CNBC:
Biden’s proposal to take away stepped-up basis has already been tried, and it failed: In 1976 congress eliminated stepped-up basis but it was so complicated and unworkable it was repealed before it took effect.
As noted in a July 3, 1979 New York Times article, it was “impossibly unworkable.”
NYT wrote:
Read the full article at the following weblink:
https://www.zerohedge.com/economics/biden-calls-record-high-446-capital-gains-tax-rate
Why Are There So Many Americans That Can’t Find a Job Even Though They Are Desperate to Be Hired?
Of course the truth is that we have been sold a lie.
If you do not have a job, you are classified by the U.S. government as either “unemployed” or “not in the labor force”.
In 2008 and 2009, the combined total of those two categories never even reached 90 million. Today, the combined total of those two categories is over 106 million.
The Biden administration says that only 6,429,000 Americans are officially “unemployed”. The other 99,989,000 Americans without a job are considered to be “not in the labor force”.
https://thelibertydaily.com/why-are-there-so-many-americans-that-cant/
Solving the Mystery of Building 7: The Smoking Gun of the 9/11 Inside Job
April 24th 2024, 5:00 pm
WTC 7 is the smoking gun that undermines the official conspiracy theory of 9/11, compelling 1,600 architects and engineers to call for a new independent investigation into the destruction of the World Trade Center.
https://www.infowars.com/posts/solving-the-mystery-of-building-7-the-smoking-gun-of-the-9-11-inside-job/