President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Capital Gains Tax Can Exceed 100 Percent Under Biden Proposal: Economist
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent
March 14, 2023
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent: Economist
March 14, 2023
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bidenBrightBusiness & MarketsBusiness ColumnistsCapital gainseconomic policieseconomyInvestmentpersonal financetaxtaxesUSUS NewsWealth Management
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Is the Fair Tax Fair?
Commentary Rep. Earl Carter (R-Ga.) introduced a new tax proposal called the “fair tax.” Predictably, Democrats politicized the proposal. Sen. Catherine Masto (D-Nev.), for example, posted a typically uninformed statement on Twitter: “On average, Nevadans are paying nearly $6 for a carton of eggs. If House Republicans passed their 30 percent national sales tax proposal, our families…
Charitable Contributions for 2022: How to Save on Taxes
In 2020 and 2021, you could deduct up to $300 for cash donations to charity without itemizing. This came under the standard deduction. It didn’t apply to those who itemized, but at least you could take a deduction without pulling out Schedule A. But that charitable standard deduction wasn’t extended past 2021. So that leaves…
Raising Taxes on Rich Results in Adverse Effects and Doesn’t Pay in the Long Run, Study Shows
Policies to increase taxes on the rich are often proposed, but penalizing those who create wealth doesn’t pay in the long term and could threaten Canadian prosperity, according to a recent study by an independent public policy think tank. Titled “Choking Hazard: The Adverse Effects of ‘Eat the Rich’ Policies” and conducted by the Montreal…
‘Billionaire Tax’ Expands Taxable Income, Should Be Dead on Revival Say Critics
March 30, 2022
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President Joe Biden’s proposed “billionaire tax” may sound good to many voters, but it is fraught with vagaries that could redefine—and expand—the nation’s tax code, according to first-look analyses across a range of publications and sites, from The Wall Street Journal to the Heritage Foundation. The tax proposal was included within Biden’s $5.8 billion Fiscal…
NTD Business Full Broadcast (Oct. 25)
Democrats move forward with a plan to tax wealthy Americans on profits they’re yet to see. What’s a tax on unrealized capital gains? Tesla shares jump Monday, as it receives its biggest order ever from a single buyer—its market cap, crossing $1 trillion for the first time. Mastercard is expanding its bitcoin features. The company…
Combined Capital Gains Tax Rate in California to Hit 56.7 Percent Under Biden Plan
July 25, 2021
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The combined state and federal capital gains tax rate in California would rise from the current 37.1 percent to 56.7 percent under President Biden’s American Families Plan, according to a new study from the Tax Foundation. That increase, which would include federal, state and local taxes on financial gains from the sale of assets in…
The Risky Proposal to Spend California’s $22 Billion Savings
June 15, 2021
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Commentary According to new analysis released June 14 from the Legislative Analyst’s Office of California, the state’s general fund balance would decrease $22 billion during the upcoming 2021-2022 fiscal year if the legislature passes its most recently-proposed budget. Revenues and transfers into the general fund during the 2021-2022 fiscal year are expected to decrease $14…
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