Biden Proposes Massive Tax Increase

[GymnJuice]

If Kamala wins I'm sure they'd try to increase the highest tax bracket rates. I did a search but didn't find a specific thread for tax strategies. Assuming people are already maximizing 401k, HSA, 529 funds. What else are wealthy getbiggers doing? Municipal bonds? I googled some stuff about avoiding capital gains through opportunity zones but I don't know anyone who has done that.

[LurkerNoMore]

You are correct, Trump was neither the first nor possibly the worst of those who failed to follow through on their campaign promises. He is one of the more notorious folks to do this though. Trump constantly begs for attention, and he is very successful at getting it. He invites criticism.  . He is one of the more notorious of them to do this though. Trump constantly begs for attention, and he is very successful at getting it. He invites criticism.

I am not who is complaining the loudest about the 2024 candidates' failure to state their policies. I have known and campaigned for many politicians over the years. There are no delusions about how campaign tactics work or politicians not following through on empty policy promises.     

The fact that you actually have to explain this to him indicates he is not of sound enough mind to make the connection himself.

However, one of Harris's policies is that once elected, the windmill cancer rate will be reduced to ZERO.  We are going to beat and eradicate windmill cancer.  But wait... there's more.   She promises that you can still watch your tv if the wind isn't blowing and NO ID WILL BE REQUIRED to purchase breakfast cereal.  She will also be disposing of the President of Puerto Rico and assuming his position as well on Day One.

[Vince G, CSN MFT]

I have some choice words for this man.   

Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922
And don’t forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states
John Kartch
04/23/2024
https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922/

It's 25% and for those making 100 million or more.  In other words , they pay the same percent we do instead of hiding it in the cayman Islands

[Dos Equis]

It's 25% and for those making 100 million or more.  In other words , they pay the same percent we do instead of hiding it in the cayman Islands

Did you read the article? 

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%.

[GymnJuice]

It's 25% and for those making 100 million or more.  In other words , they pay the same percent we do instead of hiding it in the cayman Islands

If I had 100 million and I thought a wealth tax was coming I'd start moving my wealth overseas.

[Humble Narcissist]

If I had 100 million and I thought a wealth tax was coming I'd start moving my wealth overseas.

Most Getbiggers have already done this.

[Soul Crusher]

It's 25% and for those making 100 million or more.  In other words , they pay the same percent we do instead of hiding it in the cayman Islands

The Income Tax started the same way.   Wake up for F sake! 

[GymnJuice]

The Income Tax started the same way.   Wake up for F sake!

I have not heard from any Kamala supporters on or off the board about this. I think they just ignore it because they know it's true. I think they know her tax policy sucks and they're supporting her because they just don't like Trump. That's fair enough I suppose. But I can't get any of my liberal leaning friends to admit it's a shitty tax policy - even the ones in high income brackets.

[deadz]

Treasonous Biden can go eat a steaming pile of shit!

[Humble Narcissist]

I have not heard from any Kamala supporters on or off the board about this. I think they just ignore it because they know it's true. I think they know her tax policy sucks and they're supporting her because they just don't like Trump. That's fair enough I suppose. But I can't get any of my liberal leaning friends to admit it's a shitty tax policy - even the ones in high income brackets.

If she gets elected then they can't complain.

[Primemuscle]

The Income Tax started the same way.   Wake up for F sake!

Right. Have you ever noticed that the folks who complain the most about paying taxes are also the first to access government services and the first to complain also about them? These are people who want everything for nothing. What world do they live in?

[Gym Rat]

the stock market continues its decline as a result of wall street fears on the US economy.

The Federal Reserve's Beige Book report said most districts saw flat or declining economic activity in recent weeks.

The ratio of job openings to unemployment declined to a new low, showing that labor demand has cooled.

U.S. manufacturing production decreased in August, sparking manufacturing growth concerns. And the ISM Manufacturing PMI contracted for a fifth straight month in August.

And Nvidia's 9.5% fall Tuesday was the largest ever single-day valuation drop in history.

The U.S. International Trade in Goods and Services deficit is also widening.

Not only that, Trump surges to 56.7% chance of winning electorally while Kakkle-Kvnt falls to 43%.

[Irongrip400]

If I had 100 million and I thought a wealth tax was coming I'd start moving my wealth overseas.

Be like The Rolling Stones and become a tax exile in southern France. Or wherever that would be for now.

[Humble Narcissist]

Be like The Rolling Stones and become a tax exile in southern France. Or wherever that would be for now.

Great place to live.