Cap Gains Going to UP
- Thread starter GURPS
- Start date
As usual, your post is misleading and wrong.
Misleading in that the proposal is to increase cap gains on only those in the top income tax bracket. For individuals the top bracket is applied to taxable income over $412,700. Married filing joint must have taxable income over $468,000 to be in the top tax bracket. (info on this is readily available on any major news source---your sources most likely misreported as usual)
You are wrong in that this is not the "so called Buffett Rule". Mr. Buffett believes that those who have taxable income of more than $1M per year should not pay less than 30% income tax. This info is readily available from the briefest of searches.
New Taxes on High Income Earners
Obama’s budget reintroduces several tax proposals that aim to raise more tax revenue from high-income earners. This is where the budget gets most of its revenue.
Obama’s budget will limit the value of itemized deductions for high-income taxpayers, raising approximately $600 billion in new revenue. This change will only allow taxpayers to take itemized deductions against a 28 percent income tax rate, rather than in the tax bracket they actually fall. This reduces the value of itemized deductions and boosts taxes paid by high income taxpayers.
The Buffet Rule, or the “Fair Share Tax,” is a 30 percent minimum tax on high-income earners. It would raise only about $53.02 billion over ten years.
Increases the Estate Tax rate from 40 percent to 45 percent and lowers the exclusion, raising about $131 billion over ten years.
Obama’s budget reintroduces several tax proposals that aim to raise more tax revenue from high-income earners. This is where the budget gets most of its revenue.
Obama’s budget will limit the value of itemized deductions for high-income taxpayers, raising approximately $600 billion in new revenue. This change will only allow taxpayers to take itemized deductions against a 28 percent income tax rate, rather than in the tax bracket they actually fall. This reduces the value of itemized deductions and boosts taxes paid by high income taxpayers.
The Buffet Rule, or the “Fair Share Tax,” is a 30 percent minimum tax on high-income earners. It would raise only about $53.02 billion over ten years.
Increases the Estate Tax rate from 40 percent to 45 percent and lowers the exclusion, raising about $131 billion over ten years.
proposes closing the
http://www.foxnews.com/politics/201...-increases-on-wealthy-in-state-union-address/
Obama also wants to close what the administration is calling the "Trust Fund Loophole," a change that would require estates to pay capital gains taxes on securities at the time they're inherited. Officials said the overwhelming impact of the change would be on the top 1 percent of income earners.
While GOP leaders have said they share Obama's desire to reform the nation's complicated tax code, the party has opposed many of the proposals the president will outline Tuesday. For example, most Republicans want to lower or eliminate the capital gains tax and similarly want to end taxes on estates, not expand them.
Administration officials pointed to a third proposal from the president as one they hope Republicans would support: a fee on the roughly 100 U.S. financial firms with assets of more than $50 billion. Officials said the fee is similar to a proposal from former Republican Rep. Dave Camp of Michigan, who led the tax-writing Ways and Means Committee. Camp's plan, however, was part of a larger proposal to lower the overall corporate income tax rate.
The Obama administration claims that raising the capital gains rate, ending the inheritance loophole and tacking a fee on financial firms would generate $320 billion in revenue over a decade. Obama wants to put the bulk of that money into a series of measures aimed at helping middle-class Americans.
http://www.foxnews.com/politics/201...-increases-on-wealthy-in-state-union-address/
Obama also wants to close what the administration is calling the "Trust Fund Loophole," a change that would require estates to pay capital gains taxes on securities at the time they're inherited. Officials said the overwhelming impact of the change would be on the top 1 percent of income earners.
While GOP leaders have said they share Obama's desire to reform the nation's complicated tax code, the party has opposed many of the proposals the president will outline Tuesday. For example, most Republicans want to lower or eliminate the capital gains tax and similarly want to end taxes on estates, not expand them.
Administration officials pointed to a third proposal from the president as one they hope Republicans would support: a fee on the roughly 100 U.S. financial firms with assets of more than $50 billion. Officials said the fee is similar to a proposal from former Republican Rep. Dave Camp of Michigan, who led the tax-writing Ways and Means Committee. Camp's plan, however, was part of a larger proposal to lower the overall corporate income tax rate.
The Obama administration claims that raising the capital gains rate, ending the inheritance loophole and tacking a fee on financial firms would generate $320 billion in revenue over a decade. Obama wants to put the bulk of that money into a series of measures aimed at helping middle-class Americans.
FollowTheMoney
New Member
Whew, I tells ya,.... I sure am glad I'm not a 1%'er. To lose all that money to the government would suck. Plus, dealing with the tax code and the filing headaches associated with. I'm just happy with my 1040EZ.
Ditto.
I saw that President Empty Suit also wants to eliminate so-called "loopholes" in inheritance taxes, as GURPs post alluded to. Sure..we need to make sure that family businesses are never passed on. Bad for big gummint, that.
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Larry Gude
Strung Out
Top 1% owns half the worlds wealth.
$241 trillion owned by 72 million people, average of $3.3 million each.
$241 trillion/7.2 billion is about $34,000 per person.
Wealth in the US is about $44 trillion by 316 million is about $140,000.
So, the US has one fifth the wealth so, we should be about $170,000 or so per person so, the average American has a lower % of average wealth than the US does as a whole.
So, setting aside how much anyone should or should not have, the average American has a lower share than the US does.
So much for a healthy economy.
$241 trillion owned by 72 million people, average of $3.3 million each.
$241 trillion/7.2 billion is about $34,000 per person.
Wealth in the US is about $44 trillion by 316 million is about $140,000.
So, the US has one fifth the wealth so, we should be about $170,000 or so per person so, the average American has a lower % of average wealth than the US does as a whole.
So, setting aside how much anyone should or should not have, the average American has a lower share than the US does.
So much for a healthy economy.