Seeing a lot of mixed commentary on this .

Current rates;
short term capital gains are taxed as ordinary income at raets up to 37%
long term gains are taxed at lower rates up to 20%

Proposal;
Earn $1mill or more the new top rate up to aprrox 43.4%.

cant seem to find anymore details but the markets reacted pretty shitty to this, can see a lot of gains harvesting before this goes through, likely a big sell off.

Although, if you aren't making 1mill plus a year in capital gains this doesn't seem to be impacting at all.

People / corps earning 1 million + are the ones that move stocks and make them better or worse.
The average joe isn't smart enough, react on emotion, put in too little money to make a difference
Poor will stay even more poor, rich stay rich just not as rich except they can afford a lawyer that can dodge these taxes , etc

But tbh it was probably just a big ass selloff for them to buy back in cheaper after people panicked

This post was edited by KRR on Apr 22 2021 07:05pm

yep

institutions and big players will be hoovering stuff up

that guy fuckin sucks

nvm

This post was edited by SkillRincer on Apr 22 2021 09:39pm

They still have to put this together and send it to the senate for them to vote on it. Over reaction sell off imo

?????? it will pass. manchin will ‘get sick’ and a one or a few “republican conservatives” (aka already wealthy people who are shielded from taxez) like romney, lee, cheney, or burr will ‘vote for the people’. even if they dont all vote that way, one of them will have some wedding or funeral to attend - making it a dead even vote. and in the latter case VP kamala will tiebreak

the bull markets in stocks were already overextended. a lot of people yolo’d their way to wealth in the crypto bull run. of course people are gonna check out when the tax man starts demanding a much larger cut.

would love to be proven wrong

This post was edited by excellence on Apr 22 2021 11:54pm

here we go what can u expect from dems. Just dive into the wallet what they ought to do is tax the churches and the holy places aswell would be killing

shoot I hope you're wrong haha! I'm thinking he proposed this high and will be negotiated to meet somewhere in the middle.

thats what i was thinking too, start out high, settle on a smaller number, repubs can say they defended, dems can say they increased it as they said they would, bipartisan win tbh