Economy Biden’s tax plan didn’t eliminate capital gains so nothing will change for the rich.

I’m confused.
I thought the Republicans believed in trickle down economics ?

Also lol at thinking that all rich people only make money through capital gains while the middle class only make money through minimum wage.

Also, taxing capital gains like regular income tax is not a good idea imo. At most, u can add a surcharge over income over a certain amount derived from capital gains.
 
White Whale said:
Joe Biden’s plan to tax the rich leaves out capital gains which will ensure the wealthiest Americans keep their money.

Basically Biden’s tax plan is only going to hurt the middle and working class because rich people will continue earning returns on untaxed money.
https://finance.yahoo.com/amphtml/n...ich-biden-plan-didnt-eliminate-152434064.html
https://finance.yahoo.com/amphtml/n...ich-biden-plan-didnt-eliminate-152434064.html
Click to expand...

Do you think we should tax *unrealized* capital gains? That's what the writer seems to be arguing for. That's monumentally stupid IMO.
 
The ability to defer taxes on capital gains allows rich Americans to continue earning returns on untaxed money until the assets are sold
Click to expand...

Yeah, no fucking shit, capital tax gains aren't "gains" until you sell them.

Imagine you buy stock at $100 then it shoots $130 next year, then it plummets to $70 on the third year and you decide to sell at that point.

How many capital gains taxes should you pay for something you bought at $100 and sold at $70?
 
White Whale said:
Joe Biden’s plan to tax the rich leaves out capital gains which will ensure the wealthiest Americans keep their money.

Basically Biden’s tax plan is only going to hurt the middle and working class because rich people will continue earning returns on untaxed money.
https://finance.yahoo.com/amphtml/n...ich-biden-plan-didnt-eliminate-152434064.html
https://finance.yahoo.com/amphtml/n...ich-biden-plan-didnt-eliminate-152434064.html
Click to expand...
The money put into capital gains was already taxed multiple times and any profits from capital gains will be taxed as well.
 
Rod1 said:
Yeah, no fucking shit, capital tax gains aren't "gains" until you sell them.

Imagine you buy stock at $100 then it shoots $130 next year, then it plummets to $70 on the third year and you decide to sell at that point.

How many capital gains taxes should you pay for something you bought at $100 and sold at $70?
Click to expand...

It's much worse than that. The writer, and apparently WR rightists, think that you should owe taxes when it shoots up, even if you haven't sold! Let's say you buy a house and then it doubles in value. You then would owe taxes on the gain even if you're still living in your house! That would be chaos. Or if your company goes up in value a lot, you're probably going to have to sell it. It would be almost impossible for any new companies to be successful under their original ownership. How the fuck is anyone framing this as Biden hates the working class?
 
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Rod1 said:
"OMG Biden is a commie"
"OMG Biden is a plutocrat"
Click to expand...

The hackishness is just unreal. Trump cuts taxes on rich heirs ($11.5M plus) and big corporations: "Finally someone is standing up and fighting for regular folks!" Biden proposes raising taxes on capital income, in part to pay for benefits for the poor and working class: "He's not proposing to tax unrealized gains! He hates the working class!"

People aren't even thinking about what they're saying or what their positions are. It's just blind partisanship.
 
Jack V Savage said:
It's much worse than that. The writer, and apparently WR rightists, think that you should owe taxes when it shoots up, even if you haven't sold! Let's say you buy a house and then it doubles in value. You then would owe taxes on the gain even if you're still living in your house! That would be chaos. Or if your company goes up in value a lot, you're probably going to have to sell it. It would be almost impossible for any new companies to be successful under their original ownership. How the fuck is anyone framing this as Biden hates the working class?
Click to expand...

Ironically it would also make stock investment even more speculative, long term investment would be greatly discouraged since you will want to realize gains as fast as possible since you are paying taxes for them anyway.

If anything the Hillary plan was much better the one where you got a discount on capital gains taxes if you sold after 5 years.
 
Jack V Savage said:
The hackishness is just unreal. Trump cuts taxes on rich heirs ($11.5M plus) and big corporations: "Finally someone is standing up and fighting for regular folks!" Biden proposes raising taxes on capital income, in part to pay for benefits for the poor and working class: "He's not proposing to tax unrealized gains! He hates the working class!"

People aren't even thinking about what they're saying or what their positions are. It's just blind partisanship.
Click to expand...

Its all about identity politics and social issues for these people, they are for the most part on the "left side" of economics in the first place but support Trump over social issues.
 
Duh. Look at all the billionaires who backed him and opposed Trump.
Lol and you suckers fell for it
 
Rod1 said:
"OMG Biden is a commie"
"OMG Biden is a plutocrat"
Click to expand...
Politicians typically hijack ideologies to gain power, then dump them once they obtain it. Mao zedong used comminism. Europe used catholicism, Biden used the woke movement/socialism
 
White Whale said:
No I think we should just have a flat tax on consumables.
Click to expand...

That would be extremely regressive and would likely have at least some growth-dampening effect, but OK, maybe you think it's more fair for poorer people to pay more or something. That's coming from the exact opposite angle as the writer in the link. She's complaining that Biden hasn't pushed to tax *unrealized* capital gains, even though he has pushed for an increase in the capital-gains tax rates.
 
The amount of tax you pay to the government is well hidden. But when you realize that every product and service you use has been taxed at every stage of the manufacturing and retail processes multiple times, you start to see how much in taxes you truly pay to the government.

The money that you use to put into the stock market has already been taxed multiple times by the time it even gets into your bank account. And even then, any profits you see with capital gains is taxed again (and even higher if it was held for less than a year).
 
Jack V Savage said:
It's much worse than that. The writer, and apparently WR rightists, think that you should owe taxes when it shoots up, even if you haven't sold! Let's say you buy a house and then it doubles in value. You then would owe taxes on the gain even if you're still living in your house! That would be chaos. Or if your company goes up in value a lot, you're probably going to have to sell it. It would be almost impossible for any new companies to be successful under their original ownership. How the fuck is anyone framing this as Biden hates the working class?
Click to expand...

Where did "WR rightists" say that?

You're having a debate with no one other than a make believe opponent right now.
 
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