President Joe Biden’s proposed budget for the upcoming fiscal year assumes that a hike in the capital-gains tax rate took effect in late April, meaning that it already would be too late for high-income investors to realize gains at lower tax rates, according to a Wall Street Journal report out Thursday citing people familiar with the proposal.
Biden plans to increase the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million, though Congress must OK any hikes and retroactive effective dates, the report added.
Some analysts predicted any rise in capital-gains taxes will not end up being retroactive.
“Given that Biden’s capital-gains tax proposals face headwinds already, we think it is unlikely that Congress will make them retroactive as well. That would be adding insult to injury,” said James Lucier, managing director at Capital Alpha Partners, in a note.
Separately, a New York Times report said Biden plans to propose a $6 trillion budget on Friday that would take the U.S. to its highest sustained levels of federal spending since World War II.
Documents obtained by the Times show that Biden’s first budget request as president calls for total spending to rise to $8.2 trillion by 2031 as he aims to upgrade the nation’s infrastructure and substantially expand the social safety net, that newspaper’s report added.
One of the reasons he sleeps so much
is to dream up more ways to screw us and the country.
Anyone recall the No Ex Post Facto clause in the Constitution?
WHO (politicians, that’s who…) thinks that, without stacking a box, or helping a single customer, or even coming up with a better idea for operating a business, they get to TAKE 44% (!!) of everything you worked hard to acquire??
I’m telling you (trying to make as many Orwellian “lists” I can), the ONLY way to stop this robber baron BS is REVOLUTION.
No “election” will change it.
No “mean letters” will do anything.
They will not stop until you are on your knees (voluntarily or otherwise) and “comply” with their orders, demands, and edicts.
Revolution. Jefferson predicted it. History proves it.
Revolution.
Now.
Or, do what so many of you do best — keep cheering.
It won’t help you when they decide it’s YOUR turn, but you just can’t help kissing ace. You’ve lived your whole life doing that.
On Sundays…bezos paper always has an opinion section. Today i couldnt believe what i read from a local. He wanted DC to increase taxes on himself since he and his spouse are at the top tier of earners and they have extra money. He also supports taxing the wealthy more to help the bottom end.
What has our nation become? Wow.
Please folks, I beg you on bended knee……………….vote REPUBLICAN in the next elections, both local and presidential. We are losing our great country so fast. Look what the democrats have done to us in 5 short months.