Economy Biden plans to fix Capital Gains Tax

HeffDoesWant

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Biden plans to effectively end the hugely expensive and illogical tax concessions given to the wealthy to encourage them into wanting more passive income.

This is the missing link in tax reform which I hope gives other leaders the balls to do the same.


"President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6 per cent to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal."

It's hard to believe its been the orthodoxy that we need bigger tax concessions to encourage passive income than we do to encourage worked income.

I expect a world of negative Biden press to be forthcoming. Poor farm families and mum and pop property investors being wheeled out as victims despite their high net worth status.
 
Very groovy.
 
I like that policy. I have my doubts that he will pass it.

If the Biden admin got done all the liberal/progressive things they have been "thinking about", "considering", and "weighing", he'd be the greatest president in my lifetime. They have developed a fairly brilliant system of "considering" liberal policy, not doing any of it, and somehow still getting brownie points as if they made some progress.
 
All the folks holding large amounts of bitcoin are going to dump it, watch
 
Finance is one of the only industries the US still has. I'm not against raising capital gains on principle, but I am worried it could pop the market bubble and torpedo everyone's 401(k).
 
Sounds like another stupid idea in a series of stupid ideas. Capital gains income isn't guaranteed, because sometimes there are no gains, sometimes there are losses. Wage income is guaranteed, thus the distinction in taxes.
 
Sounds like another stupid idea in a series of stupid ideas. Capital gains income isn't guaranteed, because sometimes there are no gains, sometimes there are losses. Wage income is guaranteed, thus the distinction in taxes.

That's a new justification I've never heard before.

Beside incomes are not guaranteed.
 
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