Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 (1 Viewer)

[Ishm]

If we are talking about capital gains, I'm not understanding why it was taxed at only 15% or begin with. It's passive income that requires no work to generate it. Why not tax it as regular income?

The country I am working in at the moment does this. There is no capital gains tax, but capital gains on financial assets are treated as part of your income and get taxed at normal income tax rates. Capital gains on some assets are excluded from being taxed though. Gains on your home, cars, boats and assets of that nature are exempt from being included as income unless you are say flipping houses/cars/boats etc as a business. There are some simple rules about what constitutes a business vs just being personal assets. There are also no estate duties so the issue of capital gains on say a family business inherited by the children don't cause an issue here either. So it is a pretty simple system, but also hard to manipulate to avoid paying your share of taxes. The other interesting difference is that every cent of income earned by anyone is taxed through the income tax system. Even those getting welfare payments are taxed at the standard progressive rates.

 

[Surrealistik]

As of Apr 18, 2024, the average hourly pay for a Walmart Employee in the United States is $24.84 an hour.

While ZipRecruiter is seeing hourly wages as high as $55.77 and as low as $8.17, the majority of Walmart Employee wages currently range between $13.94 (25th percentile) to $31.25 (75th percentile) across the United States. The average pay range for a Walmart Employee varies greatly (by as much as $17.31), which suggests there may be many opportunities for advancement and increased pay based on skill level, location and years of experience.

Absolutely moronic.

You don't go by the average, you go by the median.

Most people working retail at Walmart, which is the majority of their employees, barely make survival/sustenance wages if they do at all; the US government has to make up the difference:

https://americansfortaxfairness.org/files/Taxpayers-and-Walmart-ATF.pdf

Report: Walmart Workers Cost Taxpayers $6.2 Billion In Public Assistance

Walmart's low-wage workers cost U.S. taxpayers an estimated $6.2 billion in public assistance including food stamps, Medicaid and subsidized housing, according to a report published to coincide with Tax Day, April 15.

www.forbes.com

Subsidy Tracker

Subsidy Tracker, produced by the Corporate Research Project of Good Jobs First, is a wide-ranging database on misconduct by large and small corporations throughout the United States.

subsidytracker.goodjobsfirst.org

DataSpace: Walmart on Tax Day: How Taxpayers Subsidize America's Biggest Employer and Richest Family

dataspace.princeton.edu

Dems just led the way for more war spending. It took Dems to pass the war spending in the House

The recent Dem led war spending, most of which is justified and actually serves national interests with Israel being the notable exception, is a drop in the bucket next to what your Republicans have squandered on irresponsible tax cuts for the rich, on the basis of a lie in Iraq, and for a failed mission in Afghanistan that accomplished none of its major goals; from failing to bring justice to Osama, which was accomplished by a spec ops mission presided over by Obama at an infinitesimally small fraction of the cost in both money and human life, to failing to liberate the country from the Taliban.

Many Dems voted for Iraq and Afghanistan..that's why the war machine is called th uniparty

Yet it was Republicans that lead the charge and the pressure for both wars, nevermind the fact that Iraq votes were predicated on misinformation deliberately peddled by the Bush administration, and thus those Dems cannot be fully held to account for their votes. Moreover, I can fault Dems for their leadership role in appropriating funding to help continue Israel's slaughter in Gaza, but I can doubt you can do the same for the GOP RE: these doomed forever wars in the middle east and tax cuts for those who need it least that are among the biggest contributors to the debt and deficit in American history, with the money going overwhelmingly towards private construction, defense and mercenary contractors; a massive giveaway to the wealthy at a staggering cost to the nation.

ridiculous. EPA spending generally hurts farming/industry, because the EPA has crazy shit like WOTUS over-reach where legal costs and compliance on a micro scale adds costs for enforecement to the governemnt as well

What's your point? It's the contractors corporations and their owners, the rich, that benefit even if other industries are hurt.

As to EPA regulations, everyone, including the rich benefit from those; much to your apparent objections, no one wants to live in hyper-polluted hellholes on par with Beijing and other similar ecological disaster zones.

 

[HangLow]

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[HangLow]

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[anatta]

Absolutely moronic.

You don't go by the average, you go by the median.

Most people working retail at Walmart, which is the majority of their employees, barely make survival/sustenance wages if they do at all; the US government has to make up the difference:

https://americansfortaxfairness.org/files/Taxpayers-and-Walmart-ATF.pdf

10 year old link

The recent Dem led war spending, most of which is justified and actually serves national interests with Israel being the notable exception, is a drop in the bucket next to what your Republicans have squandered on irresponsible tax cuts for the rich, on the basis of a lie in Iraq, and for a failed mission in Afghanistan that accomplished none of its major goals; from failing to bring justice to Osama, which was accomplished by a spec ops mission presided over by Obama at an infinitesimally small fraction of the cost in both money and human life, to failing to liberate the country from the Taliban.

it's always "justified." there were plenty yellow ribbons for Iraq war fever. I tried to talk to peols who had them on their cars - but they just wanted revenge whatever party they were

Yet it was Republicans that lead the charge and the pressure for both wars, nevermind the fact that Iraq votes were predicated on misinformation deliberately peddled by the Bush administration, and thus they cannot be held to account for their votes. Moreover, I can fault Dems for their leadership role in appropriating funding to help continue Israel's slaughter in Gaza, but I can doubt you can do the same for the GOP RE: these doomed forever wars in the middle east and tax cuts for those who need it least that are among the biggest contributors to the debt and deficit in American history, with the money going overwhelmingly towards private construction, defense and mercenary contractors; a massive giveaway to the wealthy at a staggering cost to the nation.

Hey look im not about to let the Repubs off the hook for the mid east wars.
However Obama with the guiding hand of Hillary took out Qadaffi (where he was slaughtered) and replace him with a
"democratic" government. It's called doctrine of Responsibility to Protect (R2P)
that democratic government was Islamic militia influenced by al Qaeda,
Destabilizing Libya was all Obamas, and the 10 year plue+ civil war aftermath his too

Terrorism increase greatly across the Maghreb -weapons flowed into Syria and the rest of Africa
~~
Votes are always triggered by disinformation. Ukraine was sold as winning the war for the duration. But no other option was ever considered by BIden/Neocons/Neolibs.. The money is 250 billion in direct aid + 100 billion more after the war for nationbuilding.. That's your Biden Doctrine. endless war without accountability or metrics or even definitions of a successful endgame

What's your point? It's the contractors corporations and their owners, the rich, that benefit even if other industries are hurt.

As to EPA regulations, everyone, including the rich benefit from those; much to your apparent objections, no one wants to live in hyper-polluted hellholes on par with Beijing and other similar ecological disaster zones.

gotta go

 

[Surrealistik]

10 year old link

Those links span a broad cross-section of time, from older to more contemporary; I am showing you that this very generous subsidization has gone on for a very long time. Subsidy tracker has literally to-date information.

 

[Ginger Ale]

10 year old link

​

Here, 2020 report.​

Taxpayers Subsidize Poverty Wages at Walmart, McDonald’s, Other Large Corporations, GAO Finds​

The report, “Millions of Full-time Workers Rely on Federal Health Care and Food Assistance Programs,” commissioned by Sen. Bernie Sanders (I-Vt.), found that 5.7 million Medicaid enrollees and 4.7 million SNAP recipients who worked full-time for 50 or more weeks in 2018 earned wages so low that they qualified for these federal benefits. An estimated 12 million wage-earning adults enrolled in Medicaid and 9 million wage-earning adults living in households receiving SNAP benefits worked at some point in 2018.

“At a time when huge corporations like Walmart and McDonald’s are making billions in profits and giving their CEOs tens of millions of dollars a year, they’re relying on corporate welfare from the federal government by paying their workers starvation wages.https://www.sanders.senate.gov/press-releases/taxpayers-subsidize-poverty-wages-at-walmart-mcdonalds-other-large-corporations-gao-finds/

Here, 2023,
National data show that among adult wage earners who are SNAP recipients, 70 percent worked full-time every week, and more than half worked the full, or nearly full, year. If companies are paying workers so little—or designing schedules that avoid the requirements of full-time employment—that their workers must depend on public assistance, are taxpayers subsidizing low wages and high corporate profits? https://blog.ucsusa.org/alice-reznickova/how-big-food-corporations-take-advantage-of-snap/

 

[anatta]

​

Here, 2020 report.​

Taxpayers Subsidize Poverty Wages at Walmart, McDonald’s, Other Large Corporations, GAO Finds​

The report, “Millions of Full-time Workers Rely on Federal Health Care and Food Assistance Programs,” commissioned by Sen. Bernie Sanders (I-Vt.), found that 5.7 million Medicaid enrollees and 4.7 million SNAP recipients who worked full-time for 50 or more weeks in 2018 earned wages so low that they qualified for these federal benefits. An estimated 12 million wage-earning adults enrolled in Medicaid and 9 million wage-earning adults living in households receiving SNAP benefits worked at some point in 2018.

“At a time when huge corporations like Walmart and McDonald’s are making billions in profits and giving their CEOs tens of millions of dollars a year, they’re relying on corporate welfare from the federal government by paying their workers starvation wages.https://www.sanders.senate.gov/press-releases/taxpayers-subsidize-poverty-wages-at-walmart-mcdonalds-other-large-corporations-gao-finds/

Here, 2023,
National data show that among adult wage earners who are SNAP recipients, 70 percent worked full-time every week, and more than half worked the full, or nearly full, year. If companies are paying workers so little—or designing schedules that avoid the requirements of full-time employment—that their workers must depend on public assistance, are taxpayers subsidizing low wages and high corporate profits? https://blog.ucsusa.org/alice-reznickova/how-big-food-corporations-take-advantage-of-snap/

Poverty sucks. Most all of us have been in retail settings in our career.
The skill level will only pay so much - it's lot better now then what is was, but the problem is these workers
are facing automation, and more competition of unskilled labor -migrants add to the problem

 

[Surrealistik]

Poverty sucks. Most all of us have been in retail settings in our career.
The skill level will only pay so much - it's lot better now then what is was, but the problem is these workers
are facing automation, and more competition of unskilled labor -migrants add to the problem

Okay, brilliant observation, poverty sucks, thanks for the incredible insight.

The point which you have clumsily tried to sidestep with a non-sequitur, is that Walmart enjoys generous de jure and de facto subsidies from the government, including for most of its labour, and is one of the more glaring examples of the rich suckling at the government teat.

 

[Ginger Ale]

Poverty sucks. Most all of us have been in retail settings in our career.
The skill level will only pay so much - it's lot better now then what is was, but the problem is these workers
are facing automation, and more competition of unskilled labor -migrants add to the problem

Walmart is Americas largest employer. I guess Walmart makes quite a penny taking advantage of the American tax payer.

 

[Ginger Ale]

Walmart, Yum brands like Taco Bell and Pizza Hut, and McDonalds, those are Americas top 3 biggest employers besides our government.

 

[ModernDiogenes]

Democrats have never seen a tax they didn't like.

Scare tactic. Wouldn't effect much of the middle-class and none of the working class.

Primary homes first $250K of profit is exempt from capital gains if single, $500K if married filing jointly. Interest from savings is income, and not capital gains. Total income, married filing jointly, up to $83K income level is zero on capital gains.

Capital gains tax in the United States - Wikipedia

en.wikipedia.org

From 1944-1963 the highest tax rate in the U.S. was 90%. Like now, no one paid it. All the loopholes.

I'd be happy with a much smaller capital gains rate if they got rid of the loopholes that let the wealthy avoid paying much tax at all.

 

[ModernDiogenes]

Oh no! Rich people pay taxes!!?? The horrors!

Oh no! The rich pay a smaller percentage of tax per capita than the middle or working classes. All them bloody loopholes. Ask the "Oracle of Omaha". He'll tell you.

 

[ModernDiogenes]

Nearly a half million earners make a million or more a year. I guess we'll find out in November what they think of Joe Biden's plan to tax the rich.

The three percent. The Donor Class. The folks purchasing our Congress.

 

[Glitch]

The old saying goes.

Democrats have never seen a tax they didn't like.

Stupid Biden with a 100 year in the waiting gutter ball.


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Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - Americans for Tax Reform

And don't forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states President Biden has formally proposed the highest top capital gains tax in over 100 years. Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals…

www.atr.org

I would not be concerned. It is a budget proposal after all. Not a single budget ever proposed by any President, since President Wilson first began the tradition, has ever had their proposed budget passed by Congress. Not one.

The US Constitution requires the House to originate all appropriations, which the Senate may amend. Other than the President's veto authority, Presidents have absolutely no say over the budget. The President's budget proposal is completely meaningless.

 

[Individual]

I'd prefer taxing capital gains income via the marginal rates above a cap. However, this, like a 44.6% capital gains tax rate, is not going to happen.

Capital gains should be taxed as income, and with my income tax code changes, the lowest income earners with a gross income of less than $80,000 per year would pay a 15% tax on all income.
The second tier, earning more than $80,000 up to $160,000 would pay between 15% and 17.5% tax on their gross income.
The third tier, earning more than $160,000 up to $240,000 would pay between 17.5% and 20% tax on their gross income.
The forth tier, earning more than $240,000 up to $320,000 would pay between 20% and 22.5% tax on their gross income.
And the fifth tier, earning more than $320,000 would pay between 22.5% and 37% tax on their gross income.

​

 

[anatta]

Walmart is Americas largest employer. I guess Walmart makes quite a penny taking advantage of the American tax payer.

its not walmart's fault we "subsidize' it.The cost of living is too high for that level wages

 

[anatta]

Okay, brilliant observation, poverty sucks, thanks for the incredible insight.

there wont be any more because debating you is an exercise in suffering your Euro-snark

The point which you have clumsily tried to sidestep with a non-sequitur, is that Walmart enjoys generous de jure and de facto subsidies from the government, including for most of its labour, and is one of the more glaring examples of the rich suckling at the government teat.

Like I said they are lucky to even have jobs/ automation is a bitch. also we are filling our jobs with foreign labor
foreign labor drives down prices, Wlamart etc pay what the mart will bear. they get a decent raise and it's still not enough to live in isn't Walmarts problem to solve. Inflation has killed low skilled/fixed income workers

It's hurt everyone's standard of living

 

[L88]

It will do nothing to the 58% of US households that own equities unless they are part of the tiny percentage of those who have more than $1,000,000 in capital gains in a given year.

Odd, that's what they said about the luxury tax of 1991 that was repealed by Bill Clinton on 1993.

 

[L88]

Yeah, I forgot...you know how billionaires and millionaires think.

Serfing good.

Possibly not. But most European countries have found out.
Regardless this is just Biden BS and this concept dies on Nov 6th

 

[Surrealistik]

there wont be any more because debating you is an exercise in suffering your Euro-snark

What Eurosnark? I'm from NA.

Like I said they are lucky to even have jobs/ automation is a bitch. also we are filling our jobs with foreign labor
foreign labor drives down prices, Wlamart etc pay what the mart will bear. they get a decent raise and it's still not enough to live in isn't Walmarts problem to solve. Inflation has killed low skilled/fixed income workers

It's hurt everyone's standard of living

First of all, I'd say the absence of unions and labour negotiating power (also largely the consequence of the rich, their well-paid lobbyists, and Republican cronies) is far more harmful to those wages; and/or flawed management that prioritizes, and likely incorrectly, exceedingly low wages over retention. Costco proves you can have exceedingly low prices and still pay something resembling a living wage to retail workers as they make up for the higher salaries and benefits with cost savings on lower staff turnover and training, so it's not about what the market will bear; not really.

Second, once again, you are ignoring and sidestepping the point being made to which you have no answer, namely that Walmart and the Waltons that own it, among America's richest people, are demonstrably some of the biggest welfare queens and government tit suckers in the country by far.

Hey look im not about to let the Repubs off the hook for the mid east wars.
However Obama with the guiding hand of Hillary took out Qadaffi (where he was slaughtered) and replace him with a
"democratic" government. It's called doctrine of Responsibility to Protect (R2P)
that democratic government was Islamic militia influenced by al Qaeda,
Destabilizing Libya was all Obamas, and the 10 year plue+ civil war aftermath his too

Terrorism increase greatly across the Maghreb -weapons flowed into Syria and the rest of Africa
~~
Votes are always triggered by disinformation. Ukraine was sold as winning the war for the duration. But no other option was ever considered by BIden/Neocons/Neolibs.. The money is 250 billion in direct aid + 100 billion more after the war for nationbuilding.. That's your Biden Doctrine. endless war without accountability or metrics or even definitions of a successful endgame

Ah, I see you sneakily edited in retorts after posting.

You could tally up the entirety of Obama and Biden's outlays on war, and it wouldn't amount to a hill of beans next to Iraq and Afghanistan. Since you brought up Ukraine, let's roll with that: the US has rendered roughly $140 billion, including and after the latest package, in total support for Ukraine thus far with the vast majority of it being rendered in the form of hand-me down second and third rate weapon systems we are sending direct rather than actual liquid cash going into the hands and pockets of well-heeled contractors. This amounts to less than 2% of the total spend thus far on Bush's idiotic wars as of 2021, that, in their majority, did contrastingly accrue to such contractors.

 

[VySky]

Its more than just capital gains folks,

Biden vs. GOP: Tax fight heats up ahead of election

This is why Americans are so frustrated with Democrats and their penchant for taxes Didn't Biden say no one who makes under 400K will have to endure a tax hike? What happened to that? And does it make since to raise taxes on our most in need in the face of high inflation that has put...

debatepolitics.com

 

[L88]

You could tally up the entirety of Obama and Biden's outlays on war, and it wouldn't amount to a hill of beans next to Iraq and Afghanistan. Since you brought up Ukraine, let's roll with that: the US has rendered roughly $140 billion, including and after the latest package, in total support for Ukraine thus far with the vast majority of it being rendered in the form of hand-me down second and third rate weapon systems we are sending direct rather than actual liquid cash going into the hands and pockets of well-heeled contractors. This amounts to less than 2% of the total spend thus far on Bush's idiotic wars as of 2021, that, in their majority, did contrastingly accrue to such contractors.

I don't know if there is way to get totally accurate accounting of war spending in the US. But you shouldn't under estimate Obama's war-mongering and the Democrat Congress that backed him at the time.

 

[BirdinHand]

Sadly unlikely. We didn't have enough living children in the 70s, 80s, and 90s to support it,and the laborers we are importing are overwhelmingly low-skill.

There are quite a few immigrants in the healthcare, construction, education and technology sectors.

Those are not “low skill” jobs.

The easy decisions passed us by years

Thank a Boomer for kicking the can down the road. They’ve been very good at that.

 

[cpwill]

There are quite a few immigrants in the healthcare, construction, education and technology sectors.

Those are not “low skill” jobs.

Sure. Quite a few doctors and engineers as well. The point being made was that we aren't going to solve our revenue problems with immigration, not least because the people we are importing are overwhelmingly poor and low skill, and unlikely to generate the necessarily high incomes for taxation purposes.

Thank a Boomer for kicking the can down the road. They’ve been very good at that.

You'll certainly get no argument from me there.