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

[smittygj]

39 to 43 percent? Geez! I know when you look at it, it seems like only the wealthy will have to pay, but not necessarily. For instance, we (my mother) own property in Texas worth in excess of $1.5 million. If I inherit, do I have to give 40% of that away? Because I can't pay $400K in taxes, nor can my siblings.

Stock market will probably continue to decline as those million dollar earners will want to get out at 20% as it is now, and not have to pay 40% later. I think this is where the meltdown begins.

https://www.foxbusiness.com/markets/stocks-tumble-biden-capital-gains-tax-plan

 

[smittygj]

Lets take for instance, I'm a millionaire (which I'm not) but I hold stock in several companies that I got on the cheap many years ago. Am I going to keep that stock until later, and sell and have to pay 40+ percent capital gains? Or am I going to dump it now to only have to pay 20%? Once the dump begins, market will drop hugely.

 

[chocktaw2]

39 to 43 percent? Geez! I know when you look at it, it seems like only the wealthy will have to pay, but not necessarily. For instance, we (my mother) own property in Texas worth in excess of $1.5 million. If I inherit, do I have to give 40% of that away? Because I can't pay $400K in taxes, nor can my siblings.

Stock market will probably continue to decline as those million dollar earners will want to get out at 20% as it is now, and not have to pay 40% later. I think this is where the meltdown begins.

https://www.foxbusiness.com/markets/stocks-tumble-biden-capital-gains-tax-plan

We are parting with 140 acres for just this same reason.

 

[gregr]

39 to 43 percent? Geez! I know when you look at it, it seems like only the wealthy will have to pay, but not necessarily. For instance, we (my mother) own property in Texas worth in excess of $1.5 million. If I inherit, do I have to give 40% of that away? Because I can't pay $400K in taxes, nor can my siblings.

Stock market will probably continue to decline as those million dollar earners will want to get out at 20% as it is now, and not have to pay 40% later. I think this is where the meltdown begins.

https://www.foxbusiness.com/markets/stocks-tumble-biden-capital-gains-tax-plan

If you voted for even just ONE demon-crat, you`re a traitor to the United States, AND a blithering idiot.

 

[DoggyDaddy]

Lets take for instance, I'm a millionaire (which I'm not) but I hold stock in several companies that I got on the cheap many years ago. Am I going to keep that stock until later, and sell and have to pay 40+ percent capital gains? Or am I going to dump it now to only have to pay 20%? Once the dump begins, market will drop hugely.

Democrats: "Maths are hard!"

 

[Leadeye]

Looking more like the 70s every day, all that's missing is the high energy prices and that will come with the green infrastructure handouts.

 

[NKBJ]

Today was thinking about the 1976 thread.
That's the year I started paper patching for a 8x57 so it wasn't all bad.

 

[drillsgt]

39 to 43 percent? Geez! I know when you look at it, it seems like only the wealthy will have to pay, but not necessarily. For instance, we (my mother) own property in Texas worth in excess of $1.5 million. If I inherit, do I have to give 40% of that away? Because I can't pay $400K in taxes, nor can my siblings.

Stock market will probably continue to decline as those million dollar earners will want to get out at 20% as it is now, and not have to pay 40% later. I think this is where the meltdown begins.

https://www.foxbusiness.com/markets/stocks-tumble-biden-capital-gains-tax-plan

We're still building back from covid and they want to announce this now, are they purposely trying to damage the economy even more?

 

[tude]

The biden supporters will be along shortly to explain how we should celebrate. In a thousand words or more.

 

[DoggyDaddy]

We're still building back from covid and they want to announce this now, are they purposely trying to damage the economy even more?

Short answer? Yes.

 

[actaeon277]

 

[JTScribe]

Biden's Proposed Tax Plan Causes Family Owned Farms to Face the Greatest Threat to Their Existence | North American Ag

northamericanag.com

 

[Leadeye]

I would imagine middle class retired people who say bought a home in the 60s for 20K that's now worth 300K aren't going to be happy about this. I'm not surprised these days when politicians say they are only going to tax the rich and so many middle class folks find out they meet the definition used to calculate the tax.

I'm not a tax lawyer so maybe there are ways around this.

 

[smittygj]

I would imagine middle class retired people who say bought a home in the 60s for 20K that's now worth 300K aren't going to be happy about this. I'm not surprised these days when politicians say they are only going to tax the rich and so many middle class folks find out they meet the definition used to calculate the tax.

I'm not a tax lawyer so maybe there are ways around this.

I bought a house for $90K back in '03 and now is worth $180K, so I'm worried.

 

[BugI02]

I would imagine middle class retired people who say bought a home in the 60s for 20K that's now worth 300K aren't going to be happy about this. I'm not surprised these days when politicians say they are only going to tax the rich and so many middle class folks find out they meet the definition used to calculate the tax.

I'm not a tax lawyer so maybe there are ways around this.

Pass a law that applies the changes only to people that voted for Biden?

 

[BugI02]

I bought a house for $90K back in '03 and now is worth $180K, so I'm worried.

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

 

[actaeon277]

Well, if the market takes a hit, anyone with a retirement plan is probably going to take a hit.

 

[rooster]

Once again new taxes that only effect the poor and middle class. The rich will move their assets to trusts and other tax evasion schemes.

 

[Leadeye]

I rememeber "bracket creep" from the 70s, another thing that's coming assuming wages keep up with prices in this economic cycle. A lot of things are in place that weren't there in the 70s that will supress wages and just let people get pounded by inflationary price increases.

 

[BugI02]

Well, if the market takes a hit, anyone with a retirement plan is probably going to take a hit.

I think what Yellen has proposed would work just the opposite. Her proposal is you would be taxed upon the difference between say the paper value of your account on December 31, [some year] and December 31, [some year - 1]

If the market tanked 35% just before it was implemented, and the tax applied to the steeper valuation increases of a recovery, it is a bonus situation for tax and spend