3,772
 

Feb 14 - White House considering tax incentive for more Americans to buy stocks, sources


ADVERTISEMENT
 


section  x1   |  0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook

section news
  
 2 months ago '11        #1
2020 page views
64 comments


Sin  topics gone triple plat - Number 1 spot x10
space
avatar space
space
Props total: 121996 121 K  Slaps total: 17778 17 K
Feb 14 - White House considering tax incentive for more Americans to buy stocks, sources
 

 
KEY POINTS
The White House is considering ways to incentivize U.S. households to invest in the stock market.
Under the proposal, a portion of income would become tax-free for investment purposes.
The Trump administration is considering several proposals as part of a forthcoming economic stimulus package.


WASHINGTON — As part of a forthcoming package of proposed tax cuts, the White House is considering ways to incentivize U.S. households to invest in the stock market, according to four senior administration officials familiar with the discussions.

The proposal, one of many new tax cuts under consideration, would see a portion of household income treated as tax-free for the purposes of investing outside a traditional 401(k). Under one hypothetical scenario described by multiple officials, a household earning up to $200,000 could invest $10,000 of that income on a tax-free basis, although officials noted these numbers are fluid.

“Nothing’s ruled out,” said one senior administration official. “Nothing’s been ruled in, either.”

Larry Kudlow, director of the National Economic Council, told CNBC the approach looked at most closely centers on creating universal savings accounts, which would combine retirement, education and health care savings into one vehicle.

Money put into the account would be done so on an after-tax basis, and taxed when withdrawn as well; but any accumulation of profits during the investment timeframe, known as capital gains, would not be taxed. Kudlow told CNBC this policy, if pursued, may extend to bonds as well as stocks.

Kudlow noted that this and other ideas have yet to be fleshed out, and no decisions have been made.

The development comes as President Donald Trump seeks reelection this fall. He has sought to distinguish himself from his potential Democratic rivals by accusing of them of pursuing “socialist” policies while he has touted tax cuts and deregulation under his administration.

After the Great Recession, the percentage of American households owning stocks fell to 52% from 62% before the crisis, according to Gallup. That percentage reached 55% in 2019, a year when the stock market hit record highs.

The tax break, if enacted, would represent “a pretty substantial amount of money for people” to have for retirement, according to Stephen Moore, economist at the conservative Heritage Foundation and close confidante of the White House.

“That’s the type of thing that would expand ownership,” Moore tells CNBC.

The stock market’s rise under Trump’s tenure is a well-documented point of pride for the president and his top economic officials, who have called the Dow Jones Industrial Average a “barometer” and a “mark-to-market indicator” of the administration’s performance. The S&P 500, seen as the broadest index of corporate performance, has risen 49% since Trump took office.

The White House publicly has been pointing to the package as a new shot of adrenaline in an economy whose growth shows signs of slowing 10 years into an expansion. A payroll tax cut would become an option only if the economy experienced significant decline, according to two senior administration officials. Separately, Kudlow has suggested cutting the tax rate to 15% for middle-class earners.

Kudlow and Vice President Mike Pence have suggested that the package could be unveiled in early fall, as voters are deliberating whether to elect Trump to a second term.

New tax cuts are “one of the reasons why we’re going to focus so much energy on making sure that not only do we get President Donald Trump four more years in this White House,” Pence said in a recent interview on the Fox Business Network. “But we’re going to make sure that we reelect a Republican Senate and elect a Republican House of Representatives.”

Any tax cuts would need congressional approval to take effect, a tall order while Democrats have the majority in the House of Representatives. For that reason, officials described the proposal that would be made public as “conceptual in nature.”

“It’s sort of an idealistic document,” said a senior official involved in discussions. “Sort of, ‘If you reelect this administration, this is what you’re going to get.’”

visit this link https://www.cnbc.com/2020 .. uy-stocks.html
+6   



best
worst
64 comments
 

 2 months ago '20        #2
Born Bad 
space
avatar space
space
Props total: 4398 4 K  Slaps total: 435 435
I think its a great thing, invest in something that will make you money people. Not blowing your cash on useless things.
+10   

 2 months ago '10        #3
Bandito 
space
avatar space
space
Props total: 36956 36 K  Slaps total: 5230 5 K
Just another scheme to siphon money from the 99% to the 1%. They already tricked people to drop real retirement benefits for 401k plans.
+39   

 2 months ago '18        #4
DUCEDUCE 
space
avatar space
space
Props total: 27569 27 K  Slaps total: 2732 2 K
More tax cuts for the rich. Poor people are living check to check heres a tax cut if you invest in the stock market. Come on this is bullsh*t.
+34   

 2 months ago '17        #5
Lazy 
space
space
space
Props total: 13336 13 K  Slaps total: 1596 1 K
Good idea on the surface but it will be used to further class inequality
+18   

 2 months ago '17        #6
Ifeellikekobe 
space
avatar space
space
Props total: 43222 43 K  Slaps total: 2756 2 K
Why? They said the stock market is doing great

+14   

 2 months ago '20        #7
Born Bad 
space
avatar space
space
Props total: 4398 4 K  Slaps total: 435 435
Small minds get no shine
-3   

 2 months ago '10        #8
Bandito 
space
avatar space
space
Props total: 36956 36 K  Slaps total: 5230 5 K
 Born Bad said
Small minds get no shine
How is it small minded to see this is not a scam?

They want to take money that has already been taxed. Put it into a fund and if you withdrawal it is taxed again. Unless it is profit from the stock market which you can already get away with paying zero taxes on if you know what you are doing. Most people don't.

This is the same scam as 401k plans. Now they want people to add any extra income they have laying around as well as money from health savings accounts.
+6   

 2 months ago '20        #9
Born Bad 
space
avatar space
space
Props total: 4398 4 K  Slaps total: 435 435
 Bandito said
How is it small minded to see this is not a scam?

They want to take money that has already been taxed. Put it into a fund and if you withdrawal it is taxed again. Unless it is profit from the stock market which you can already get away with paying zero taxes on if you know what you are doing. Most people don't.

This is the same scam as 401k plans. Now they want people to add any extra income they have laying around as well as money from health savings accounts.
How do you make money if you dont mind me asking?
+1   

 2 months ago '07        #10
joshdogg26 
space
avatar space
space
Props total: 19718 19 K  Slaps total: 2343 2 K
they really gonna keep coming up with hollow schemes to prop up this fake economy that don't stop anybody struggling from continuing to suffer.
+6   

 2 months ago '20        #11
Born Bad 
space
avatar space
space
Props total: 4398 4 K  Slaps total: 435 435
Everybody know sooooo much, why yall broke? If 100% of you cats had the opportunity to fu*k people over and be stupid rich you would! Me i just want a piece


Last edited by Born Bad; 02-14-2020 at 02:23 PM.. Reason: On da henny
+1   

 2 months ago '17        #12
lucifershammer  topics gone triple plat - Number 1 spot x1
space
avatar space
space
Props total: 38639 38 K  Slaps total: 3937 3 K
All that "loss wealth" went into the hands of the elite. Tax them
+7   

 2 months ago '17        #13
Naga Sadow  topics gone triple plat - Number 1 spot x3
space
avatar space
space
Props total: 85977 85 K  Slaps total: 5311 5 K
This will benefit the rich by once again over inflating stock prices. How about money to invest in our own personal lives.
+14   

 2 months ago '16        #14
OWPE 
space
avatar space
space
Props total: 20393 20 K  Slaps total: 27959 27 K
Its gonna be hilarious when Trump wins re-election. All these people claiming the economy is in shambles, but watch what the voters do.


 2 months ago '08        #15
Kewop Decam 
space
space
space
Props total: 21205 21 K  Slaps total: 1909 1 K
 Born Bad said
Everybody know sooooo much, why yall broke? If 100% of you cats had the opportunity to fu*k people over and be stupid rich you would! Me i just want a piece
This kind of thinking is why 99% are so far down with just 1% so far up. This is terrible thinking.
+6   

 2 months ago '04        #16
R Dot 
space
avatar space
space
Props total: 3148 3 K  Slaps total: 1100 1 K
When people start having more cash to spend they can do things like investing. Can’t invest in sh*t when your perpetually broke
+9   

 2 months ago '06        #17
tonygunz 
space
space
space
Props total: 1746 1 K  Slaps total: 81 81
 Bandito said
Just another scheme to siphon money from the 99% to the 1%. They already tricked people to drop real retirement benefits for 401k plans.
Pretty much

 2 months ago '09        #18
Hamburgers 
space
avatar space
space
Props total: 3619 3 K  Slaps total: 4934 4 K
Thats my fu*king President!!

Haters will find a way to blame Trump for this because somehow everything he does is wrong.

I don’t see any downside to this and it helps our economy continue to flourish. Come on libs, school me on how the President is targeting minorities with this.
-8   

 2 months ago '05        #19
Tha TC 
space
avatar space
space
Props total: 19891 19 K  Slaps total: 1100 1 K
fu*k so the next economic crash even more wealth will get swiped from “common folk” Yeah I think I’m going to pass
+4   

 2 months ago '05        #20
Tonero 
space
avatar space
space
Props total: 7053 7 K  Slaps total: 2060 2 K
Buy crypto , its cheap and a throw away. You can use change found inside the couch to invest it musnt even be big. Couple years from now even more people will be rich on the low
+3   

 2 months ago '20        #21
Born Bad 
space
avatar space
space
Props total: 4398 4 K  Slaps total: 435 435
 Kewop Decam said
This kind of thinking is why 99% are so far down with just 1% so far up. This is terrible thinking.
I agree, i seen it first hand my G. I aint fu*king nobody over for mines. Even in my worst time i never have. But this is the world we live in. Some of these cats idols have done it continuously. I didnt make the rules.
-1   

 2 months ago '20        #22
Born Bad 
space
avatar space
space
Props total: 4398 4 K  Slaps total: 435 435
 R Dot said
When people start having more cash to spend they can do things like investing. Can’t invest in sh*t when your perpetually broke

You got a point
+2   

 2 months ago '20        #23
Xiox 
space
avatar space
space
Props total: 2315 2 K  Slaps total: 450 450
What about reducing everyone's taxes under 500k to 5%
+9   

 2 months ago '12        #24
OldBusiness 
space
avatar space
space
Props total: 95896 95 K  Slaps total: 6906 6 K
Probably as real as his supposed middle class cut
+6   

 2 months ago '11        #25
Sin  topics gone triple plat - Number 1 spot x10 OP
space
avatar space
space
Props total: 121996 121 K  Slaps total: 17778 17 K
 OldBusiness said
Probably as real as his supposed middle class cut
this is one of those rumor testers to gauge the public response
+1   

ADVERTISEMENT
Sign me up
 
 

yesterday...


most viewed right now
online now  49
Image(s) inside The rest of the world wondering why NY has so many Covid Cases
78 comments
1 day ago
@wild'ish
most viewed right now
+20online now  30
YaYa Mayweather Potentially Being Charged With Murder... Girl In Critic..
271 comments
1 day ago
@sports
most viewed right now
+333online now  26
Image(s) inside Apr 4 - I’ve lost 3 family members to Coronavirus this week...
176 comments
2 days ago
@news
most viewed right now
+16online now  5
Video inside Apr 4 - Joe Rogan Says He'd Vote Trump Over Biden, Goes Viral On Twitter
255 comments
1 day ago
@news
back to top
register register Follow BX @ Twitter search BX privacy