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[W:307]Biden Hitting Your 401k

NatMorton said:
Even if I were trying to “pre-define” you, why would you care?
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You were the one that made the snide remark about inheritance.

You sound like you have lots of anger and envy.
 
Robert F said:
Biden is the worst president in our history. He killed the XL Pipeline, which Dems are gonna applaud. He threw open the borders, which Dems are gonna deny. He raised taxes in themiddle of the pandemic, which Dems will applaud. He wants to pack the Supreme Court, which history will condemn him. He claimed there is systemic racism, even though Oprah is a billionaire and Obama was elected twice. He made one policy giving money to every race of person, except white, which is racist. He politicized the military with "wokism", which Dems will not criticize. The Dems want to make D.C. the 51st state, which is against the constitution. Gun Control violates the Second Amendment. Abortion is obviously morally wrong. Sanctuary cities in CAL, COL, ILL, MASS, NJ, NM, ORE, and VER are violating federal law. Andrew Cuomo is a murderer and a rapist, yet Dems think he is a paragon of virtue. Biden bragged that he got the Ukrainian prosecutor fired in the Burisma case.

In order to become a democrat, I would have to lie, be a racist, suffer from psychological denial, abandon traditional morality, flaunt federal law, stomp on the constitution, burn the flag and kill people. Ain't gonna happen.
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I do not think Joe Biden is a particularly good president thus far, Robert F. But he is a damn sight better than the man who whipped up and encouraged a mob to break into our house of government and sat on the sidelines watching until the Vice President called in the National Guard.
 
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NatMorton said:
The threshold will not remain there. "Others will pay, not you" is only the sales pitch.
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Senile Joe's handlers pander to the envy of those who think more industrious people than them will get hit by Biden's wealth vandalism
 
So long as Congress does not abolish Roth retirement contributions, I find this digestible. We need to pay down this monstrous debt we have accumulated somehow, and we cannot deficit spend indefinitely. We either have to raise taxes OR dramatically cutting spending. And I cannot see how it is sensible to cut Social Security and Medicare when our nation's largest age demographic cohort (Baby Boomers) are entering retirement. We therefore must raise taxes. I would rather we pay the taxes now than foist it on our children and grandchildren.
 
VySky said:

Stunned Wall Street Responds To Biden's Shock Proposal To Double Cap Gains Tax​


With stocks tumbling following the report that Joe Biden is considering a proposal that would double the capital gains tax, as investors dump in hopes of locking in existing cap gains rates - an exercise in futility if Biden and the socialists in Congress decide to make such a tax change retroactive to all of 2021 - Bloomberg quickly polled several Wall Street traders who focused on the policy’s implications for investing, and concluded that while it was too soon to panic, prospects of a higher levy on stock profits could spark near-term selling as investors look to skirt a higher rate.

Here are some hot takes, courtesy of Bloomberg:

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
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Zero hedge, really?

You seem not to know how 401k accounts are taxed. Money put into those accounts are tax deferred. When the money is distributed, the distribution is taxed at the ordinary income tax rate, not the capital gains rate. Biden’s proposal has no impact on people who hold 401k accounts.

It also has no impact on most Americans, who hold little stock. Most stocks are held by the top 1% and half of that by the top 0.1%.

Your quote also makes no sense. Selling now won’t avoid the higher tax. That’s why it is retroactive to the beginning of 2021.

Higher taxes is neither socialism nor the end of the world. Back under Reagan, capital gains rates were twice what they are now and the markets boomed. As Warren Buffett wrote, “The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes.
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I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain.”
 
TurtleDude said:
Senile Joe's handlers pander to the envy of those who think more industrious people than them will get hit by Biden's wealth vandalism
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The mega rich earn most of their income from investments. Why should they have a preferred rate compared to people who lab for a living?
 
Court Jester said:
Doubling the capital gains tax will lead to a huge sell off, and money moved off shore.

Biden never ran a business, he clearly is clueless about how INVESTORS drive the economy. But to Biden wealth is only deserved by people like his son getting paid off.
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Biden actually opened his own law firm. You don't call that a business?
 
Integrityrespec said:
Democrats are going to struggle with the reality that Joe lied about taxing the middle class. Roughly 55% of middle class americans have their money in a retirement fund that depends heavily on the markets to grow the retirement payout. Now Joe wants to kill the market, double the capital gains taxes and harm the growth of the fund overall. This is going to harm the middle class.
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You seem not to know how 401k accounts are taxed. Money put into those accounts are tax deferred. When the money is distributed, the distribution is taxed at the ordinary income tax rate, not the capital gains rate. Biden’s proposal has no impact on people who hold 401k accounts.

See post #60. It undercuts all of your arguments.
 
Napoleon said:
I’m not sure you understand. This tax will apply to retirees who are cashing out their 401Ks to pay for the remainder of their existence. This tax hike, on top of State level taxes, will see to it that more than half of their retirement income goes up in smoke. $1 million is FAR too low for a tax like this especially with no exception for 401Ks.
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As I wrote previously, you seem not to know how 401k accounts are taxed. Money put into those accounts are tax deferred. When the money is distributed, the distribution is taxed at the ordinary income tax rate, not the capital gains rate. Biden’s proposal has no impact on people who hold 401k accounts, since it raises capital gains rates.
 
MTAtech said:
The mega rich earn most of their income from investments. Why should they have a preferred rate compared to people who lab for a living?
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why should the poor have a preferred rate? why not tax everyone at the same rate.
 
Blue Donkey said:
Biden actually opened his own law firm. You don't call that a business?
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Who'd hire a guy who was at the bottom of his class at a third rate law school and flunked the Delaware Bar the first time he took it?
 
TurtleDude said:
Who'd hire a guy who was at the bottom of his class at a third rate law school and flunked the Delaware Bar the first time he took it?
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You know what they call someone who was at the bottom of his/her class in medical school? Doctor.

No matter how you try to disparage Biden, he beat the criminal, authoritarian, know-nothing real estate TV personality — and Biden is doing a far better job, barely a 100 days in.
 
MTAtech said:
You know what they call someone who was at the bottom of his/her class in medical school? Doctor.

No matter how you try to disparage Biden, he beat the criminal, authoritarian, know-nothing real estate TV personality — and Biden is doing a far better job, barely a 100 days in.
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I disagree about doing a better job. Gas prices are way up, lumber prices are way up, and the southern border is a war zone and disaster.
 
TurtleDude said:
why should the poor have a preferred rate? why not tax everyone at the same rate.
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Because a dollar to a poor person means a lot more than it does to a rich person.
 
MTAtech said:
Because a dollar to a poor person means a lot more than it does to a rich person.
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so why do poor people pay the same for a cheeseburger or a bus ride as I do? Why should they pay less for their citizenship benefits
 
TurtleDude said:
I disagree about doing a better job. Gas prices are way up, lumber prices are way up, and the southern border is a war zone and disaster.
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Are you really going to make the idiotic argument that gas prices and lumber prices are up because of Biden?

Lumber was up before Biden was elected. The reason is that because of the pandemic, more people want home delivery and that require boxes, which are made from trees.

Regarding gas prices, that’s a pants on fire lie.
www.politifact.com

Fact check: Biden not to blame for rising diesel prices

A new party in the White House means it’s time for a time-honored American tradition — the blame game. Anything wrong in
www.politifact.com www.politifact.com
 
MTAtech said:
Are you really going to make the idiotic argument that gas prices and lumber prices are up because of Biden?

Lumber was up before Biden was elected. The reason is that because of the pandemic, more people want home delivery and that require boxes, which are made from trees.

Regarding gas prices, that’s a pants on fire lie.
www.politifact.com

Fact check: Biden not to blame for rising diesel prices

A new party in the White House means it’s time for a time-honored American tradition — the blame game. Anything wrong in
www.politifact.com www.politifact.com
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you all blamed Trump for everything that happened on his watch-its payback time
 
TurtleDude said:
you all blamed Trump for everything that happened on his watch-its payback time
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So, you admit that blaming Biden is merely partisan nonsense. Thanks.

On the actual topic, raising capital gains rates is long overdue.
Let us also remember that Trump and the GOP lowered capital gains rates starting in 2018 and 2018 was a down market year.
 
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