After all, the government can’t force wealthy people to sell their stocks.Mr. Biden’s proposal is to eliminate the difference between the tax paid on wages and the tax paid on investment gains for those earning more than $1 million in any one year. The president is also expected to propose upping the top income tax rate to 39.6% from the current rate of 37%. That means equalizing the capital gains tax with the income tax would effectively double the tax rate on investment earnings to to 39.6% from the current 20%.
But very few people, even among ultra-wealthy Americans, would end up paying the new higher tax, according to the Wharton researchers.
Mr. Biden’s higher capital gains taxes would only apply to people with income over $1 million. Wharton’s researchers, however, believe that once an increase in the capital gains rate is passed, wealthy Americans would simply avoid selling stocks and other investments.
The wealthy could also minimize their taxes by paring gains in years when they have losses elsewhere in their portfolio, effectively lowering their taxable net gains for the year. Another strategy could be to sell off investments slowly over time to minimize the amount of tax owed in any one year.
I have said it before here.
The wealthy are in the Congress and they are not stupid enough to pass a bill that takes away their wealth.
They will always leave themselves a way out .
The only fair tax is a flat tax. No deductions no Bullsht, you pay 20% of your earnings, Period.
Everybody without exception.
And a High school could figure out what he owes.
Well: Most High School kids, there will be exceptions .
Unfortunately, the department has disapproved AMVETS permit request. The department took into careful consideration all aspects of AMVETS request, to include the current Health Protection Condition status on the Pentagon Reservation; substantial community transmission of COVID-19 in Arlington County, Virginia; number of Americans fully vaccinated across the nation; nature of this event with its decreased ability to maintain physical distance; and large crowds in one location for an extended period of time. This event draws national attention and participation; therefore the risk of exposure from participants from other communities extends well beyond the National Capital Region.