Dow tumbles 321 points on Biden's capital gains tax hike plan

[Tombs]

Those "RICH" People also employ alot of people. If they take a hit in one area they are gonna make it up in another.
Lower payroll. raise prices. Cut expenses. It all will trickle down to the poor people. Well the working poor anyway. The sponges will be ok. He will raise there benefits....So stupid.

Trickle down economics was a complete failure.

Rich people are intelligent with money, they don't run out and blow all of it to keep the wheels on the economy moving. They stuff it in an overseas bank or in the markets. At least it helps things in the markets, but now the government is trying to discourage investment in the market, so we'll see even more strife.

Why would you expand your business from a tax break if the future is looking bleak economically? The logic doesn't make sense. You'd make yourself a nest egg to sit on as a hedge against economic uncertainty. Which does nothing but slow the economy down and hasten a bleak outcome.

You're better off handing money to reckless spenders where it will change hands as many times as possible, generating more demand for products, which keeps the factories open and running.

 

[amboy49]

I’m not particularly worried about a capital gains tax on my home when I sell because I should fall under the one time exclusion maximum sale price.

What worries me is Biden’s Congress will impose a tax on my passive income from my 401k and the hit the market will take as a result of what has been described by other.

From the huge looses sustained in 2008 my account has risen dramatically - especially in the past year. I can foresee deep reductions in the market. Hence my 401k balances will suffer.

I think I read where Biden is going to send his Treasury Secretary on an overseas trip to try to convince other countries to also raise their corporate tax rate(s). Otherwise, US investment capital will exit for other nations where their corporate tax is less than ours. I think Ford just announced a new plant in Mexico that was originally scheduled to be built in the US.

Democrats don’t make the connection between higher taxes and increased prices on all goods and services - most dramatically affecting the low and middle class(es) the most.

 

[Tombs]

Democrats don’t make the connection between higher taxes and increased prices on all goods and services - most dramatically affecting the low and middle class(es) the most.

They print money which does 10x more to hurt the poor than any tax would, as it turns their already limited funds into nothing.

 

[jsx1043]

I’m not particularly worried about a capital gains tax on my home when I sell because I should fall under the one time exclusion maximum sale price.

What worries me is Biden’s Congress will impose a tax on my passive income from my 401k and the hit the market will take as a result of what has been described by other.

From the huge looses sustained in 2008 my account has risen dramatically - especially in the past year. I can foresee deep reductions in the market. Hence my 401k balances will suffer.

I think I read where Biden is going to send his Treasury Secretary on an overseas trip to try to convince other countries to also raise their corporate tax rate(s). Otherwise, US investment capital will exit for other nations where their corporate tax is less than ours. I think Ford just announced a new plant in Mexico that was originally scheduled to be built in the US.

Democrats don’t make the connection between higher taxes and increased prices on all goods and services - most dramatically affecting the low and middle class(es) the most.

Yellen calls for global minimum corporate tax rate in first major address as Treasury secretary

Treasury Secretary Janet Yellen called for a global minimum corporate tax rate on Monday, a pitch that comes as the Biden administration begins to sell its roughly $2 trillion infrastructure and jobs proposal that would raise US corporate taxes to fund the massive plan.

www.cnn.com

 

[Tombs]

To be fair, if you could achieve a global corporate tax rate, it'd be the only feasible way to increase corporate taxes without nuking your own nation's economy.

My worry is, they'll cut exemptions for our biggest competitors, and it will only end up affecting the US and Europe.

 

[DoggyDaddy]

You're better off handing money to reckless spenders where it will change hands as many times as possible, generating more demand for products, which keeps the factories open and running.

But open and running where?

 

[Tombs]

But open and running where?

Well, since the rich decided they'd get richer by stabbing this country in the back and moving to China, they kind of left us with our pants around our ankles.

 

[DoggyDaddy]

Well, since the rich decided they'd get richer by stabbing this country in the back and moving to China, and Mexico, and Canada, they kind of left us with our pants around our ankles.

FIFY...

 

[Tombs]

FIFY...

Canada?

Uhh, not for long at this rate, Canada is making us look fiscally responsible.

 

[BugI02]

This is why at this point I say you might as well just do UBI, we're never recovering from this amount of debt.
The only potential hope is igniting such rabid consumerism that it keeps this rotting corpse limping on a little longer.

Sure we can, we just stiff the CCP on some pretext

 

[Tombs]

Sure we can, we just stiff the CCP on some pretext

Most of that debt isn't held by the CCP.

AFAIK, the majority is actually owed to ourselves, technically.

 

[BugI02]

Trickle down economics was a complete failure.

Rich people are intelligent with money, they don't run out and blow all of it to keep the wheels on the economy moving. They stuff it in an overseas bank or in the markets. At least it helps things in the markets, but now the government is trying to discourage investment in the market, so we'll see even more strife.

Why would you expand your business from a tax break if the future is looking bleak economically? The logic doesn't make sense. You'd make yourself a nest egg to sit on as a hedge against economic uncertainty. Which does nothing but slow the economy down and hasten a bleak outcome.

You're better off handing money to reckless spenders where it will change hands as many times as possible, generating more demand for products, which keeps the factories open and running.

This is an urban legend, a type of fable. If I have investable monies, I will take 57% of a dollar made therefrom before I will just stuff it in a matress or a money market account. I may not be happy about it, but even 10% is more than I had before - and you have to make the money before you can hide it

 

[fullmetaljesus]

Would putting your **** in a trust protect you?

If you expect to inherit a large sum or lots of property. If you formed a trust so you already "own" it would it protect you?

 

[PistolBob]

...and in today's market news...DOW is up over 34000 again...it's like trying to predict snow in April

 

[Tombs]

...and in today's market news...DOW is up over 34000 again...it's like trying to predict snow in April

Not really, it's just a measure of people's emotional state.

The market has cabin fever and wants to run, and run hard. It'd take a lot to hold it down for long.

 

[chocktaw2]

If you have real estate, not your primary residence, and you elect to sell you can avoid capital gains by rolling over the property in a like kind new property. It's called a 1031 Exchage. You defer capital gains until some other time. You cannot take possession of the funds and you must use a Qualified Intermediary to close the transaction. You would have 45 days to identify up to 3 potential properties and a max of 180 days to close. Most commerical brokers and Title Companies can answer any questions

The gains we will have to pay are a small sum the $$$,$$$ we will receive. We are taking the money, and running. Were taxed at 15 %, and It probably will only go up. Thanks for your input.

 

[Kutnupe14]

Most of that debt isn't held by the CCP.

AFAIK, the majority is actually owed to ourselves, technically.

Facts

 

[thompal]

Are you not only vulnerable to a capital gain when you realize the gain? If you don't sell until Biden is a fading, bitter memory you would be fine

Edit: Keep an eye on Yellen's desire to tax paper gains

It doesn't matter if Biden is still in office or not. His dreadful laws and rules will continue on.

 

[rooster]

This is a pretty simple explanation of why the rich won’t pay more taxes under this plan.

TikTok - Make Your Day

vm.tiktok.com

 

[mikesouth12]

Not a surprise. All of these new taxes (more to come) will trickle down to the middle class.