Biden capital gain tax?
Can someone explain to a toddler what this means? How is it now and how is it after and when
Should do wealth tax instead, otherwise big wealth gap continues
Wealth tax is incredibly difficult to enforce. It requires accurate evaluation of one's wealth every year which includes things like mansions, costly art, curios, horses, luxury/vintage stuff and many other things rich people dump money to hide wealth that also appreciates over time. Also there are foreign assets. It also creates a big problem for liquidity. People will have to sell illiquid assets to actually pay the wealth tax which leads to market impact. Also there are many people who have highly valuable assets but no other massive liquid income (old retired people who own real estates/homes they live in which now has appreciated in value wildly). They will be forced to sell their assets to pay the wealth tax. It also encourages all the billionaires/multi millionaires to hoard wealth in foreign countries. Anywhere they tried enforcing wealth tax, it ended up being a shitshow.
That’s a thoughtful comment, thanks.
Current marginal capital gains rate is 20%. Households making over $1 million per year—the top 0.4 percent of all households—will pay the same 39.6 percent marginal rate on their capital gains just like a high-paid worker pays on their wages. Today, they only pay 20% on capital gains. Moreover, the Budget eliminates the loophole that allows the wealthiest Americans to entirely escape paying taxes on their wealth by passing it down to heirs. Today, our tax laws allow these accumulated gains to be passed down across generations untaxed, exacerbating inequality. The Budget will close this loophole, ending the practice of “stepping-up” the basis for gains in excess of $5 million per person and $10 million per married couple ($5.25 and $10.5 million, respectively, when combined with existing real estate exemptions) https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/
It doesn’t matter because it won’t happen.
Take a deep breath and please ask what you want to ask in English. Also a bit of context would help.
no you take a deep breath
Maybe start by asking ChatGPT first