Biden just proposed the highest capital gains tax in history pic.twitter.com/CuiDXbJum6
— Special Situations 🌐 Research Newsletter (Jay) (@SpecialSitsNews) April 24, 2024
President Biden’s Budget proposal for Fiscal Year 2025 has ignited intense debate and scrutiny, particularly regarding plans to raise capital gains rates. The proposed increase to 44.6% has drawn widespread attention, but a closer examination reveals complex nuances often overlooked in the discourse.
And the list of key points:
- The proposed capital gains rate of 44.6% in Biden’s FY2025 Budget is the highest in history.
- This rate is derived from a combination of proposals to raise ordinary rates and net investment income tax.
- The main proposal targets a 37% rate for long-term capital gains and qualified dividends for taxpayers with income above $1 million.
- The 44.6% rate applies only to high earners with taxable income above $1 million and investment income over $400,000.
- The presentation of the proposal strategically emphasizes the high percentage while downplaying crucial income thresholds.
- The policy aims to level the playing field between high ordinary income and investment income earners.
Source:
Think America is going broke? You haven’t seen anything yet.
Biden is proposing a massive capital gains tax increase to 44.6% for high income earners. It’s the steepest rise in a hundred years. And I’m sure you know what happened after that.
The end result of Biden’s capital… pic.twitter.com/K5IRNOgyMd
— Ian Miles Cheong (@stillgray) April 24, 2024
⚠️ Joe Biden agenda if he wins in 2024 ⚠️
🚨 Ban Tik Tok
🚨 Fund WW3
🚨 Genocide
🚨 44.6% capital gains tax
🚨 Blow out the national debt
🚨 Increase Poverty
🚨 Make buying a home almost impossible for young people pic.twitter.com/hO68zpkE6f
— Matt Wallace (@MattWallace888) April 24, 2024
The wealthy are building “passport portfolios” — collections of second, and even third or fourth, citizenships — in case they need to flee their home country, per CNBC. pic.twitter.com/WH63NAODnM
— unusual_whales (@unusual_whales) April 24, 2024