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Apr 22 - Biden to propose capital gains tax of 39.6% to fund education and child care



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 2 weeks ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x29
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Apr 22 - Biden to propose capital gains tax of 39.6% to fund education and child care
 

 
KEY POINTS
-Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities as part of an effort to overhaul the U.S. economy.
-Biden will seek an increase to the tax on capital gains to 39.6% for those
-Americans earning more than $1 million, according to reports.
Reports said the president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan.


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President Joe Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities as part of the administration’s effort to overhaul the U.S. economy.

As part of the plan, Biden will seek an increase to the tax on capital gains to 39.6% from 20% for those Americans earning more than $1 million, according to multiple outlets including Bloomberg News and The New York Times.

The capital gains tax is especially important to Wall Street since it dictates how large a chunk of an equity sale is collected by the federal government. The White House declined to comment.

Stocks slid on news about the plan, with the S&P 500 Index down 1% as of 2:14 p.m. after climbing 0.2% earlier. The Dow Jones Industrial Average and Nasdaq Composite both retreated by a similar magnitude.

The proposal would make good on Biden’s campaign promise to require America’s wealthiest households to contribute more as a percentage of their income. This plan would bring the capital gains tax rate and the top individual income tax rate, currently at 37%, to near parity.

Reports said the president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan, expected to come in around $1 trillion.

The American Families Plan is expected to include measures aimed at helping U.S. workers learn new skills, expand subsidies for child care and make community college tuition free for all.

That proposal would be separate from the $2.3 trillion infrastructure package known as the American Jobs Plan, which would be funded by an increase of the corporate tax rate to 28%. The White House and Democratic lawmakers managed to pass a $1.9 trillion Covid-19 relief package in March.

visit this link https://www.cnbc.com/2021 .. hild-care.html

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Last edited by Sin; 04-22-2021 at 06:38 PM..
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152 comments
 

 2 weeks ago '06        #2
Supa mario 
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95 percent of BX is fu*ked. Damn fu*k Biden raising taxes.
+56   

 2 weeks ago '20        #3
Abso 
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Makes sense

Give American poor kids and disenfranchised a fair shot
+36   

 2 weeks ago '05        #4
blah blah blah  topics gone triple plat - Number 1 spot x17
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fu*k Biden. Want more money? Lower the defense budget. Glad I didn’t vote for this clown
+4   

 2 weeks ago '17        #5
LostTenets  topics gone triple plat - Number 1 spot x45
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What's the old tax rate

 2 weeks ago '11        #6
Sin  topics gone triple plat - Number 1 spot x29 OP
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 Abso said
Makes sense

Give American poor kids and disenfranchised a fair shot
and you trust the same government that disenfranchised so many to evenly redistribute that money?
+14   

 2 weeks ago '11        #7
Sin  topics gone triple plat - Number 1 spot x29 OP
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 losttenets said
what's the old tax rate
20%
+2   

 2 weeks ago '17        #8
LostTenets  topics gone triple plat - Number 1 spot x45
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 Sin said
20%
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 2 weeks ago '11        #9
Sin  topics gone triple plat - Number 1 spot x29 OP
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 LostTenets said
man raising the corporate tax and capital gains tax while the economy is already struggling to recover from the pandemic
+5   

 2 weeks ago '12        #10
OldBusiness  topics gone triple plat - Number 1 spot x2
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People wont read that its only for those earning more than a million

+61   

 2 weeks ago '04        #11
datboy|e 
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 Sin said
and you trust the same government that disenfranchised so many to evenly redistribute that money?
The same government y’all trust to shoot sh*t into your bodies though right
+11   

 2 weeks ago '18        #12
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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 OldBusiness said
People wont read that its only for those earning more than a million

Boxden millionaires fu*ked, but if you go to the stimulus page they were there celebrating.

+31   

 2 weeks ago '07        #13
andros06 
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I knew this going in when your favorite celebrity or millionaire wanted this new regime in.... Getting taxed double now. Wow wonder if their liking Bidens america now.
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 2 weeks ago '11        #14
Sin  topics gone triple plat - Number 1 spot x29 OP
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 datboy|e said
The same government y’all trust to shoot sh*t into your bodies though right
I trust my doctor
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 2 weeks ago '11        #15
Sin  topics gone triple plat - Number 1 spot x29 OP
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 OldBusiness said
People wont read that its only for those earning more than a million

so are you saying BX isn't capable of reading the first paragraph?
+2   

 2 weeks ago '04        #16
ScaledAt10 
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 andros06 said
I knew this going in when your favorite celebrity or millionaire wanted this new regime in.... Getting taxed double now. Wow wonder if their liking Bidens america now.
Yes they will support it because the tax increase will be set off through back door incentives
+2   

 2 weeks ago '11        #17
Sin  topics gone triple plat - Number 1 spot x29 OP
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 andros06 said
I knew this going in when your favorite celebrity or millionaire wanted this new regime in.... Getting taxed double now. Wow wonder if their liking Bidens america now.
biden campaigned on taxing the top .1% not the 1%

maybe he plans to settle on the top .1% who most favor raising their taxes

 2 weeks ago '09        #18
Zao 
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What's wrong with making rich people pay more taxes
+14   

 2 weeks ago '17        #19
Naga Sadow  topics gone triple plat - Number 1 spot x18
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 OldBusiness said
People wont read that its only for those earning more than a million

But you know we're all billionaires on here.

+8   

 2 weeks ago '04        #20
SpyDa 
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This doesn't sound good. Could they just move their money out of the states? Is Puerto Rico caught in this tax debacle?
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 2 weeks ago '05        #21
youngvito18 
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Taking money from the rich to pay for kids futures

Um..yeah..cool
+9   

 2 weeks ago '18        #22
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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 SpyDa said
This doesn't sound good. Could they just move their money out of the states? Is Puerto Rico caught in this tax debacle?
The beauty of doing business in the US is the law structure. You go out and you are at someone elses will. My boy tried to start a business in mexico like he said you dont pay taxes but the amount of bribes and people coming to collect on your a*s you might as well.
+14   

 2 weeks ago '04        #23
SpyDa 
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 DUCEDUCE said
The beauty of doing business in the US is the law structure. You go out and you are at someone elses will. My boy tried to start a business in mexico like he said you dont pay taxes but the amount of bribes and people coming to collect on your a*s you might as well.
Damn. No wonder they dumping it in crypto. They probably rather blow that money than give it to someone. Im far from making millions but if my tax rate doubled I'd be beyond heated. Even if I can afford it.
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 2 weeks ago '11        #24
Sin  topics gone triple plat - Number 1 spot x29 OP
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 Zao said
What's wrong with making rich people pay more taxes
is a million dollars really rich?
+12   

 2 weeks ago '06        #25
vinceisallin 
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 DUCEDUCE said
Boxden millionaires fu*ked, but if you go to the stimulus page they were there celebrating.

This tax will not affect anyone on boxden guaranteed! No one on this board is making a million plus on stocks a year! It’s going to fu*k his chances or any democrat on reelection though
+2   



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