Politics, Religion, Science, Culture and Humanities > Politics & Religion
Tax Policy
DougMacG:
--- Quote from: Crafty_Dog on April 25, 2024, 08:52:15 AM ---https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922/
--- End quote ---
It's worse than just the highest rate EVER on capital investment.
From the link:
Biden’s proposed capital gains tax hike will also hit many families when parents pass away. Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — a forced realization event.
As previously reported by CNBC:
“When someone dies and the asset transfers to an heir, that transfer itself will be a taxable event, and the estate is required to pay taxes on the gains as if they sold the asset,” said Howard Gleckman, senior fellow in the Urban-Brookings Tax Policy Center.
Biden’s proposal to take away stepped-up basis has already been tried, and it failed: In 1976 congress eliminated stepped-up basis but it was so complicated and unworkable it was repealed before it took effect.
As noted in a July 3, 1979 New York Times article, it was “impossibly unworkable.”
NYT wrote:
“Almost immediately, however, the new law touched off a flood of complaints as unfair and impossibly unworkable. So many, in fact, that last year Congress retroactively delayed the law’s effective date until 1980 while it struggled again with the issue.“
As noted by the NYT, intense voter blowback ensued:
“Not only were there protests from people who expected the tax to fall on them — family businesses and farms, in particular — bankers and estate lawyers also complained that the rule was a nightmare of paperwork.“
Larger point is: People create wealth in order to leave it to the next generation, to leave each generation better off than we were. [When they create the wealth for themselves it's called consumption.]
All these people want to leave the next generation is failed socialism and debt.
The Left wants that whole concept of leaving the next generation better off destroyed. They don't want just the majority dependent on the government; they want ALL dependent on the government.
Fine, but if all ride in the wagon, who pulls the wagon?
And back to the first point, these policies don't bring in more money to pay for the government - exposing their real vulnerability, they don't care about paying for the government. If they wanted government paid for, they would have to spend less.
Crafty_Dog:
https://patriotpost.us/articles/106310-inflation-up-gdp-down-and-biden-wants-to-raise-taxes-2024-04-26?mailing_id=8308&subscription_uuid=36e3d4d4-c349-40fa-9856-d1504ff07188&utm_medium=email&utm_source=pp.email.8308&utm_campaign=digest&utm_content=body
DougMacG:
They do a nice job of exposing the lies within the lies.
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,”
- It wasn't a $2 trillion tax cut, revenues went up. That's a zero dollar tax cut.
It benefited the working people including blacks and Hispanics. The wealthy were already wealthy.
Chutzpah, Biden talks about Trump debt. Revenues went up after the 'cuts'. Spending causes debt. Spending more than you take in. Covid shutdowns exploded the debt, mostly happening in blue states.
The class warfare thing is a lie. Income inequality fell under Trump 'tax cuts' and rose under Covid and Biden. Isn't that strange.
https://www.census.gov/library/stories/2022/09/income-inequality-increased.html
"[Pres. Biden] promises that no one making below $400,000 will pay more under his plan"
Biden is forgetting/omitting something, well lots of things:
Inflation is a tax. Author makes a good point about all these.
Regulations are a tax.
Mandates are a tax.
War on energy is a tax.
People making less than 400k aren't affected? Is he kidding? No just lying.
Real wages fell and are still down under Biden, still below pre-pandemic levels.
https://www.bls.gov/news.release/realer.nr0.htm
The nominal wage, the amount on the check, went up slightly under Biden but the 'tax' on the value that wage went up more.
That's not a tax? Then what is it?
tax, 2 of 2, verb,
to subject (a personal quality or faculty) (or economy) to often excessive stress
https://www.merriam-webster.com/thesaurus/tax
Biden's energy policy isn't taxing our economy and all the people in it?
Do they think people disapprove of this President's handling of the economy, 2/3rds think we're on the wrong track, Biden upside down in almost every swing state... do they think is because of clever Republican messaging??
The Biden Presidency IS our message.
DougMacG:
[Besides a 1y6% increase in the inflation tax]
"In House testimony, Treasury Secretary Janet Yellen (falsely) claimed that Biden’s massive tax increase won’t hit middle class households. That is a plain lie. the Tax Foundation said that someone who’s married, two kids, making $85,000 would pay $1,700 more in taxes. A married couple with two children making $165,000 annually would pay $2,450.50 more than in the previous year, while a family with three kids pulling in $200,000 per year will shell out almost $7,500 more per year.
So much for Biden’s “No one making under $400,000 will pay and additional penny of tax"
https://confoundedinterest.net/2024/05/04/bidens-misrepresentation-on-trump-tax-cuts-someone-who-is-married-with-two-kids-making-85000-will-pay-1700-more-in-taxes-inflation-tax-is-166-higher-than-under-trump/
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