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Biden wants to increase taxes on all you rich working peeps.

XYZ

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https://thehill.com/policy/finance/550622-biden-proposes-tax-hikes-for-high-income-americans
 

SlugSlinger

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Taxes on stock gains will increase from 20% to 39.6%. They are trying to figure out if it will be retroactive for 2021 or start in 2022.

The market will crash when this happens. That means investment in companies that employ people will come to a halt.

This is just the federal portion of the tax. Among the highest state tax includes New York tax is 8.82% and California is 13.3%. No wonder people are leaving these states in droves. Oh and they are losing congressional representation because of the exodus.
 

Revolvers4Life

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Taxes on stock gains will increase from 20% to 39.6%. They are trying to figure out if it will be retroactive for 2021 or start in 2022.

The market will crash when this happens. That means investment in companies that employ people will come to a halt.

This is just the federal portion of the tax. Among the highest state tax includes New York tax is 8.82% and California is 13.3%. No wonder people are leaving these states in droves. Oh and they are losing congressional representation because of the exodus.


Not just stocks, capital gains. That means proceeds on if you sell your business and other items as well.
 

Rez Exelon

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Listen, I'm like 90 % sure that most people here are neither earning 400k or more, or collect capital gains in any sort of meaningful way. On the other hand Trumps tax plan included permanent tax breaks for those folks while the middle class is expected to have tax increased in 2021, 2023 (and maybe other years, I didn't look it up for purposes of this comment) because the "tax breaks" he gave were "temporary" and "phased out" over time compared to the ones for yachts and such.
 

SlugSlinger

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This is going to hurt anyone that has a 401k or invested in the stock market. Increasing taxes will crush investment. Those who it will directly impact will find alternative investments that the .gov will not steal their profits via tax confiscation. That means these folks will sell their stocks and buy something that is not taxed at nearly 53% as in some cases. When they sell their stocks, the markets will drop. When the market drops, the average investor will lose.
 

Rez Exelon

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This is going to hurt anyone that has a 401k or invested in the stock market. Increasing taxes will crush investment. Those who it will directly impact will find alternative investments that the .gov will not steal their profits via tax confiscation. That means these folks will sell their stocks and buy something that is not taxed at nearly 53% as in some cases. When they sell their stocks, the markets will drop. When the market drops, the average investor will lose.
Riiiiiiiiiight. Because let's say I have $200,000 to drop in investment. And that money is going to make $50,000, but I'm not going to do it because my tax rate went from 20 to 39%? I'd only make $30,500 instead of $40,000? Oh the humanity, I can't stand "only" making $30,500 in this example.

But wait, 20 to 39%? How do I even know that applies to me? Because there are different brackets for short and long term gains, as well as their being different brackets based on income. Personally I fall into the "$80,001 to $496,600" bucket, so my starting rate would only be 15% anyways. Heck, even if I made between $496,600 and a million it wouldn't change from 20% because the article specifically states that the capital gains increase would (in the proposal) only be for households with over 1 million in income. Considering how few of those there are, I don't think that matters to a single dang person here on this forum. People like the Koch Brothers, Gates, Buffet, the Waltons. They care. Not us down here in 15% land.

And while I'm here, please propose an alternative investment that's going to return the gains of the stock market even in this scenario. Is there a better investment? I'll wait, because I bet if there was one the smart money would already be there.
 
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