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Biden to propose capital gains tax of 39.6%, reports say

Biden to propose capital gains tax of 39.6%, reports say

President Joe Biden will propose to nearly double the taxes on wealthy investors to fund education and childcare, Bloomberg and NYT reported. They said Biden will seek an increase in the tax on capital gains to 39.6% from the current 20% for those Americans earning more than $1 million a year. This is in line with Biden’s campaign promise to make wealthy Americans contribute more of their income.

Rational ific
Rational ific 1 weeks

From 20% to 39.6% (instead of 40%) so Snopes can say "False" when people claim that capital gains taxes were doubled for millionaires.

Endaro 1 weeks

He could make it 100% if he likes, it won’t matter unless they close the loopholes that allow them to pay next to nothing..... all talk and symbolism with no substance.

Viviko 1 weeks

Seriously... Biden... the senator from Delaware... the biggest tax haven in the US... is proposing increasing the capital gains tax? That’s laughable. But I bet he’s going to keep the 1031 Exchange loophole that lets investors “defer” capiral gains taxes... technically forever....

Crahnch 1 weeks

Does anyone who believes this is a good idea really not know that the ENTIRE cost of this is going to rest on the middle class? Did you fall on your head as a child?

A user you may know
A user you may know 1 weeks

The man with the largest mansion in his home state is going after wealth. The man who set up a cancer research institute that gave large salaries to the wealthy but didn't donate to actual cancer research. The man who has not her to show over half a century sucking on the American taxpayers teat and never worked a single day as a hardworking American paying taxes. This fool of a man wants to talk about wealth. 🙄

Patrick 1 weeks

Pitiful. Let's keep Americans enslaved. Total BS.

Rocky 1 weeks

What an economically ign0rant m0r0n. Anyone who supports this stewpid policy should be banned from voting.

Erich 1 weeks

Washington is brain dead. It’s not about the tax rates, it’s all the other goobilygoop they codify. Progressive tax rates are great. But get rid of all the carve outs, loopholes, special deals, incentives and pay backs. Keep it simple stüpid.

coughdrop1989 1 weeks

Laughable. Who really thinks this money will even see any public schools. It'll most likely go into their deep pockets and if anything it'll go to the private elite schools where all their kids go.

GreenMachine 1 weeks

He loves the poor. He loves the poor so much he'll take away any man's for them to not be poor. Want to invest your way out up the economic ladder? Not on this watch! Want to make more money? We'll tax it! Want to just get money? Here have another kid and fill out this form.

Donald Lungrin
Donald Lungrin 1 weeks

“The wealthy” already contribute the vast majority of taxes. Also, one justification is “education?” How fucking stupid do you have to be to think that’s a good thing. Spending does not equal results. At all. The US already is one of the biggest spenders on public education in th world by quite a bit.

Beck70 1 weeks

This administration is hellbent on destroying this country in as short a time as possible.

Nautilus 1 weeks

We are being taxed and we aren't being represented. Remember, old America started a war over that.

jaime martinez
jaime martinez 1 weeks

If your getting upset at rich people paying taxes and acting like your “middle class” stfu middle class people always get fucked with poor working class people to pick up the end of the stick & pay for all this shit rich people paying more in taxes is a good thing & you clearly don’t know about economics & the golden era of capitalism from the mid 1940s - to 1974 when Marginal tax rates where 94% on those who made over 1.5 million in those days or more like 3 million in today’s dollars doesn’t mean you pay all that just means you pay more as you make more eveyone is taxes the same until you make more then that marginal taxes go in. People in these comments are either misleading other in facts or don’t know what the fuck their talking about.

JustMy.02 1 weeks

I live in California and barely make 100k a year. If I was fortunate enough or perhaps smart enough to turn my 100k stock portfolio into 1.1 million and decide to sell the stocks and take the profits I would be paying $536k of that million profit to the fed and state. Mark my words if this tax rate for long term gains gets any traction the stock market will collapse before it pass into law. The truly rich are not going to take a 19.4% haircut.

Goi 1 weeks

Prepare for the exodus of the rich as well the entrepreneurs, taking their wealth and their skills out of the country. US is devolving.

John W
John W 1 weeks

Threaten to do it, then take large "donations" and insider trading deals not to do it. It's like the mafia protection/extortion racket.

Zeal 1 weeks

As if our education and childcare systems were ever actually effective.

Erik 1 weeks

Agree. The US needs a better distribution of income, wealth, education, better healthcare, and equal opportunity. Not socialism but a social democracy.

Rensa 1 weeks

I love reading comments of working class people say they dont deserve money and that it only belongs to people who already rich. Please rich people we love clawing at eachother just for your scraps.

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Biden to propose capital gains tax of 39.6%, reports say

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