Rich Americans Face Biden Tax Hike With Anger, Denial and Grief

[Yo_Mama_Been_Loggin]

(Bloomberg) -- Charles Myers was sitting in a first-class seat on a flight from New York to Dallas when his phone started blowing up Thursday. News had just broken that the wealthiest Americans could soon face a tax rate as high as 43.4% on gains from their investments.

The chairman of Signum Global Advisors wasn’t thrilled.

“Raising capital gains taxes hurts the capital markets,” he said in a text message. “Better to raise the personal top marginal rate and estate tax. Leave capital gains and dividends alone.”

Myers has raised funds for Joe Biden, and wasn’t shocked by the White House’s plan because it was part of the president’s campaign. But the donor doesn’t think that 43.4% rate will make it into final legislation.

https://www.msn.com/en-us/money/other/rich-americans-face-biden-tax-hike-with-anger-denial-and-grief/ar-BB1fWKNm

Capital gains should be taxed as income period and I say that as one who has a bit of money in the market. Why should one pay a higher rate on a dollar they earned through work?

[FoxNewsSucks]

1. Labor should have the lowest tax rate.

Estate tax should be the highest rate.

[pandr32]

4. Sounds good to me

[Bettie]

12. Especially since there is a large amount you can

leave to heirs without paying tax at all.

It only affects a tiny number of estates annually anyway.

Just like taxing capital gains will only truly impact a tiny percentage of people who, even after they pay their taxes, will be able to continue their lifestyles just fine.

[smirkymonkey]

18. Absolutely!

[doc03]

2. I must disagree with that tax, I think it would

tank the economy. I would like to see a higher tax put on trades. That would help stop the day trade speculation that makes the market so volitile. It would also encourage long term investing and management instead of just the next quarter.

[FoxNewsSucks]

6. I'd like to see a STET tax also.

But that's a separate issue.

The point of taxing capital gains is that billionaires shouldn't pay a fraction of the tax that workers pay.

If someone's income is $10k, 100k, or 10 million they should pay the same tax rate as everyone else with identical income. No matter what the source of that income is.

If there is a disparity, it should favor people who work. Work is productive. Capital gains are not.

[doc03]

9. I can't see a tax that high though. I depend on an IRA

for most of my retirement income. Rather than paying the lower capital gains rate I have to pay regular income tax.
The rate he is suggesting is even higher than any earned income bracket.

[doc03]

11. I can't remember who it was but one of the Democratic

candidates in (2016?) proposed a $1.00 tax just on stock trades it amounted to billions of dollars. A few decades ago it cost $100 or so just in trading fees to buy a 100 shares. Now the fees are next to nothing.

[whistler162]

21. E*Trade buys are nothing

https://us.etrade.com/what-we-offer/pricing-and-rates

[bamagal62]

10. I agree with you, doc.

[SWBTATTReg]

3. When is it enough for the rich? When? I suspect that the rich feels like that they don't

have enough (as usual) and they want more and more. It's a sick disease.

[Bettie]

13. Human dragons

sitting on their piles of gold

[SWBTATTReg]

16. Good description! Your description reminds me of one of my Uncle Scrooge comic books,

where Uncle Scrooge is sitting on his piles of wealth in his vault, playing around. Ironically enough, the comic is one of the most valuable ones I have (I collect disney stuff).

Take care and be safe!!

[lpbk2713]

5. The free ride is over.

They have been riding on the backs of the middle
and lower income taxpayers for decades.

[FoxNewsSucks]

8. I wish,

they still own too many of the politicians who enabled the current system.

[SWBTATTReg]

17. Yes, and they pedaled their fake sob stories about raising the min. wage, etc. (set since 1980s)

It's time to move on. They had their seats at the table for far too long.

[Bettie]

20. And no one is asking for them to leave the table

they'll still have their seats, but they won't be the only ones.

THAT is what makes them angry, that others might get to pull up a chair too.

[joetheman]

7. Sad thing is, they will ALL still be RICH even after the tax hikes. Greed is their gift. nt

[MineralMan]

14. They gots the agita.

That's what they gots.

[IbogaProject]

15. Capital Gains should be taxed to income

Capital Gains should be taxed = to income, with maybe some graduation for folks in any but the top two tax brackets to give small investors and retirees more breathing room.

Also the carry forward rule that the Hedge Funds abuse should be limited to actual venture investments in firms, not leveraged buyouts, and especially not speculative trading. That has been a big scam they covert short term financial gains into long term capital gains. If you sell a position after 5 months, you pay short term, if a Hedge Fund trades multiple times per week every week it all becomes long term gains at the end of the quarter.

[smirkymonkey]

19. +1000

[crickets]

23. Agreed. nt

[JHB]

26. That problem could be solved by bringing back the higher number of tax bracket we used to have

For most of the postwar period there were 24 tax brackets, and that didn't get much of a dent until Reagan's second round of tax cuts in his second term.

The argument for "simplifying" the tax code by cutting brackets was always a lie. All the complicated parts (what's deductible, what type of income is this) come before calculating the bill. That part is just math.

The highest number of brackets we had was a hundred years ago when there were 56. Fifty six in an age of paper calculations and mechanical adding machines. Today we can make tee shirts with enough computing power to handle the bracket math.

[Baitball Blogger]

22. I bleed for those delicate flowers.

Imagine how they'll have to pare down their Thanksgiving dinner affairs. They might not have the cash roll to hire actors to play out their idiotic version of the origins of Thanksgiving.

[csziggy]

24. Capital gains does not just affect stock market investments

I own a small farm and at one point thought about clearing some land for additional pastures and other improvements. The bid I got for clearing and selling the trees was just barely enough for seeding and fencing the new pasture area - until I had to subtract the 20% I would have had to pay in capital gains tax (the amount at that point in time). With that extra expense, I didn't have enough to do all the necessary work, so I just left the trees. The wildlife was happy, but it cut into my usable land and ability to make a higher income.

Small farmers and other small businesses could be badly affected by much higher capital gains.

[DFW]

27. Small farmers ought to be exempt from any such tax. I hope Vilsack etc. are consulted.

People who produce our food with their own hands should not be penalized for trying do a better job of it. Anyone who thinks small farmers are part of "the rich" has never owned one.

[csziggy]

28. My husband has a joke about that

"How do you make a small fortune in farming? Start with a large fortune!"

[DFW]

29. That sounds.....

....like the voice of one who has been there (hopefully, not done that!)

[csziggy]

30. Nope, we've been there, done that

In addition, the horse business wrecked my body. I've loved horses all my llfe but it got to be sort of like having an abusive significant other. Most times, they really didn't mean to hurt me, but they did. I finally got to the point where I was no longer physically capable of working with them. When I realized that I could no longer work with the foals, I gave it up. Still have four retired broodmares, but they are pasture potatoes and someone else takes care of them for my on my farm.

[FakeNoose]

25. They should be happy for all the years since Reagan

They've been living relatively tax-free for the last 40 years, while the middle class gets poorer all the time. We're sick of paying their way for the Greedy One Percent.

[drmeow]

31. Cry me a river

and then bite me, Myers