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Combined capital gains tax rate
in California to hit 56.7% under
Biden plan

Original Article

Posted By: earlybird, 7/26/2021 11:14:23 AM

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 California, represented the highest levy among the 50 states,(snip) Nationwide, the combined average capital gains tax rate would amount to an estimated 48.4 percent under the president’s proposal, with the top federal tax rate increasing to 43.4 percent, (Snip) That compares to the current combined average rate of about 29 percent, the study said.


A table of all the states shows that many are not far behind. This is another very bad Biden proposal. One of many...

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Reply 1 - Posted by: jimboscott 7/26/2021 11:21:58 AM (No. 857438)
More Orwellian nomenclature. "American Families Plan" left off two words that should have preceded "American". Those two words are "Death to..."
8 people like this.

Reply 2 - Posted by: Zeek Wolfe 7/26/2021 11:39:40 AM (No. 857463)
I have heard that when a large company leaves California (Disney...2000 jobs to Texas last week) Democrat staffers in the capitol building in Sacramento smile and give "high fives" in the hallways. I was even told of off-hour celebrations that include familiar Democrat names, even a RINO from SoCal.b
6 people like this.

Reply 3 - Posted by: Jesuslover54 7/26/2021 11:49:11 AM (No. 857473)
They want to crash the CA economy as much as possible with taxation, rules, the homeless etc. so they can grab the real estate cheap and then reverse the policies.
4 people like this.

Reply 4 - Posted by: chance_232 7/26/2021 11:51:34 AM (No. 857474) sell an asset. And the government gets more of the proceeds than you do. Look for the wealthy to move their assets off shore.
12 people like this.

Reply 5 - Posted by: Come And Take It 7/26/2021 11:54:22 AM (No. 857477)
Getting to be pretty pointless to invest in anything if the government is going to steal 60% of what you make. You might as well stuff it in the mattress as fill, or better yet, buy guns and ammo with it.
11 people like this.

Reply 6 - Posted by: earlybird 7/26/2021 12:54:34 PM (No. 857538)
While crowing about California, no one seems to be interested in how it will affect their states. Here’s a sample of just a few. All 50 are listed in the article. The first number is the present combined rate; the second is the Biden rate: 5 Minnesota 33.7% 53.3% 6 Vermont 32.6% 52.2% 7 Hawaii 31.1% 50.7% 8 Maine 31.0% 50.6% 9 Connecticut 30.8% 50.4% 10 Idaho 30.7% 50.3% 11 Nebraska 30.6% 50.2% 12 Montana 30.6% 50.2% 13 Delaware 30.4% 50.0% 14 West Virginia 30.3% 49.9% 15 Arizona 29.8% 49.4% 16 Rhode Island 29.8% 49.4% 17 Georgia 29.6% 49.2% 18 (tie) Maryland 29.6% 49.2%
6 people like this.

Reply 7 - Posted by: TurtleDove 7/26/2021 1:14:58 PM (No. 857561)
Heaven help us.
4 people like this.

Reply 8 - Posted by: RedWhite&Blue2 7/26/2021 2:23:54 PM (No. 857622)
The golden state is now a bowl of poop
2 people like this.

Reply 9 - Posted by: Zeek Wolfe 7/26/2021 2:29:55 PM (No. 857632)
Oops! 2000 Disney jobs to Florida not Texas. Es macht nichts...still gone from California.
0 people like this.

Reply 10 - Posted by: DVC 7/26/2021 3:14:30 PM (No. 857672)
It will cripple business investment in the state. High taxes like this always distort business practices a lot, and never in a good way.
0 people like this.

Reply 11 - Posted by: DougTN 7/26/2021 3:29:48 PM (No. 857690)
The real wealthy can flee or can afford the best tax lawyers. The small investor (aka the Middle Class) will be wiped out. The real damage will be to investment banking where innovation and jobs will look worse than an Eastern Bloc country circa 1970.
0 people like this.

Reply 12 - Posted by: Starboard_side 7/26/2021 4:30:37 PM (No. 857766)
#2, not sure of your info since you aren't aware those 2000 Disney jobs (average around $120,000 per year) are moving to Florida, not Texas.
1 person likes this.

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