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Getbig Main Boards => Politics and Political Issues Board => Topic started by: IroNat on March 03, 2021, 03:09:07 AM
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Elizabeth Warren’s wealth tax won't work. This will.
https://finance.yahoo.com/news/elizabeth-warrens-wealth-tax-wont-work-this-will-200020382.html
"Biden would target capital gains and inheritances for high-income Americans. For people with income above $1 million, Biden would raise the capital-gains tax rate to the same level as the income tax. The highest tax bracket is now 37%, but Biden wants to boost it to 39.6%, which was the level before President Trump lowered it in 2017. So Biden would raise the capital-gains tax from the current rate of 23.8% to 39.6%.
He’d also raise the maximum estate tax rate from 40% to 45% and lower the amount exempt from tax from $11.7 million, for an individual, to $3.5 million. Another Biden change would eliminate the “step-up” rule that basically voids capital-gains taxes on assets that have appreciated in value when the owner dies and leaves them to somebody else."
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That's insane.
Not like i have to worry much about it though. ;D
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That's insane.
Not like i have to worry much about it though. ;D
The step up rule is a disaster. F Biden.