Biden's Wealth Tax? Tax Investors
40% on Capital Gains
Cybercast News Service,
by
Susan Jones
Original Article
Posted By: Imright,
10/28/2019 11:20:38 AM
Earn money, save money, invest money -- wham.Former Vice President Joe Biden says he would tax investors by raising the capital gains tax, now 15 percent or 20 percent on the sale of most assets, to 40 percent. The money raised would go to programs for the middle class."I don't oppose a wealth tax," Biden told CBS's "60 Minutes" in an interview that aired Sunday night. (Democrat Sen. Elizabeth Warren has proposed a 2 percent tax on people with a net worth of $50 million to $1 billion and a 3 percent annual tax on households with a net worth over $1 billion.)
Reply 1 - Posted by:
Plex 10/28/2019 11:37:08 AM (No. 219986)
It seems clear that Democrats don't understand anything about our economic system. They either propose an unconstitutional wealth tax (the 16th amendment allows only an income tax) ,an economy killing capital gains tax, or an economy killing high income surtax. The also don't understand what motivates human activity. There is a reason that France or Denmark didn't develop the iPhone. The Democrats refuse to address that issue.
11 people like this.
Reply 2 - Posted by:
TJM 10/28/2019 11:38:58 AM (No. 219991)
Hairplugs, I have a better plan. Tax all elected federal officials a 90% tax on their "earnings" from their post office gigs
11 people like this.
Reply 3 - Posted by:
Enoch Powell 10/28/2019 11:40:36 AM (No. 219994)
Not surprisingly, Biden is an economic illiterate, pandering to the foolish electorate who is as stupid as he is regarding economic matters. I fear that once a 'minority majority' occurs, these Hispanics and their ilk will idiotically vote for 'populist' socialist measures that will kill the goose (capitalism) that lays the golden egg (social welfare benefits). Venezuela, here we come...!
6 people like this.
Reply 4 - Posted by:
stablemoney 10/28/2019 12:16:16 PM (No. 220032)
Biden is an economic ignoramus.
4 people like this.
Reply 5 - Posted by:
CEP 10/28/2019 12:24:54 PM (No. 220043)
So lets tax 40% of capital gains, this will hurt the middle class. I hope that Biden is aware that people in the middle class also have some investments it isn't just the so called rich. I am so sick of these people with their tax the rich mentality to help the so called middle class or poor, people are poor because of the stupid games you professional politicians have created.
6 people like this.
Reply 6 - Posted by:
skacmar 10/28/2019 1:05:54 PM (No. 220090)
Yes, tax capital gains. I'm sure that every retiree with a 401k, retiree who sells their stocks, anyone who sells property for a profit, pension plans, or anyone else who was smart enough to plan ahead and not depend on the government for their retirement will appreciate having at least 40% of their money confiscated by the government.
8 people like this.
Reply 7 - Posted by:
MattMusson 10/28/2019 1:28:34 PM (No. 220114)
A Democrat President will mean an economic implosion and an 'Eat Your Dog' economy.
3 people like this.
Reply 8 - Posted by:
anniebc 10/28/2019 2:00:27 PM (No. 220148)
This makes me believe, no KNOW that people like Biden and his son cheat on their taxes. They're wealthy, but since they advance wealthy people paying more taxes, they obviously don't feel the pain of paying taxes like us regular folk.
2 people like this.
Reply 9 - Posted by:
voxpopuli 10/28/2019 2:24:00 PM (No. 220178)
wait..
just WAIT, til they start bringing up IRAs and 401Ks..
all those TRILLIONS in the hands of Joe Six Pack..
THAT'S their next solution
4 people like this.
Reply 10 - Posted by:
BreakRight 10/28/2019 2:37:07 PM (No. 220194)
Let's see, 25% on income and 40% on investment appreciation (investments are lucky if they keep pace with inflation. most probably do not).
People who never worked, or never saved, or people who retire on a government pension will love this plan. Those of us that worked, invested for our retirement, and depend on 401K's to support us after we retire ...not so much.
1 person likes this.
Reply 11 - Posted by:
DVC 10/28/2019 2:50:55 PM (No. 220221)
How to destroy the investment economy, and seriously harm the entire US economy in one stroke.
Biden is very, very dangerous to our economy with this kind of destructive, insane suggestions.
2 people like this.
Reply 12 - Posted by:
LC Chihuahua 10/28/2019 3:28:43 PM (No. 220257)
These people think they are entitled to your money. They have all the characteristics of thieves. Thieves think they are entitled to your money too.
5 people like this.
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