. But key changes would likely affect only the very wealthy, according to Robert McClelland, a senior fellow at the Tax Policy Center. a joint venture between the Urban Institute and the Brookings Institution.
The Biden plan would increase the top capital-gains tax rate to 43.4% from 23.8% for those earning over $1 million. Capital gains refer to profits on the sale of assets like stocks, homes or small businesses. Of taxpayers who filed Schedule D, the form for reporting capital gains and losses, only 2.7% had adjusted gross income of $1 million or more in 2018, according to Mr. McClelland’s analysis of Internal Revenue Service data. However, that group of taxpayers accounted for 62% of capital gains, Mr. McClelland said.
“A small amount of people are going to end up paying it, but it could potentially affect a lot of the capital gains,” he said.
People who have this income once or twice in a lifetime will be affected the most. Those wih this income every year or those with 100X this income will just exploit many loopholes.
FakeNewsReport It’s the unintended consequences they are not telling us !! Businesses will suffer which means consumers will also suffer! DemocratsTheEnemyWithin
According to the IRS there is at least $1 trillion in taxes that go uncollected. Why keep raising taxes when we are not collecting those that are due already? Political theater?
For one this also affects capital distributions as well as capital gains. If you own a mutual fund or ETF and it pays dividends it will be subject to the higher rate. I think you left that out. Not that it affects the majority of people but it does affect more than they say.
In that case, fuck those guys right? I mean, if it’s ONLY 3% or less. You know how many people die from COVID? A whole lot less than that. “If we can save just one child…” remember that? If we had any consistent principles at all we’d be in a much better place as a society.
And benefit no one. Just a punishment at this point.
Guess what. The richest 1% will still be the richest 1% after the anticipated tax hikes on the wealthy. Shed no tears for them...
What percentage of investments do those 3% have in the equities market? My gut tells me a lot. And if that is the case, then the trickle down effect of this “plan” would be massive. To say it only affects 3% of investors is incredibly disingenuous.
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