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Biden wants higher capital gains taxes

Discussion in 'BBS Hangout: Debate & Discussion' started by dachuda86, Apr 27, 2021.

  1. dachuda86

    dachuda86 Member

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    Biden wants to massively expand capital gains taxes and they are floating the idea of 80% on crypto gains. Do you miss Trump yet? Because your wallet will.

    [​IMG]
     
  2. fchowd0311

    fchowd0311 Contributing Member

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    The highest long term capital gains rate is 20%.

    For reference, for Individual income tax rates, that bracket falls between 40 grand to 80 grand income earners... Basically your average American household.

    So we are taxing people who make millions in profits in capital gains the same rate as people who make 50 grand a year.

    All in the name of outdated Reaganomics theory of trickle down that has proven to not work for the past 4 decades.
     
    #2 fchowd0311, Apr 27, 2021
    Last edited: Apr 27, 2021
  3. CCorn

    CCorn Member

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    Blatz likes this.
  4. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    FranchiseBlade and fchowd0311 like this.
  5. fchowd0311

    fchowd0311 Contributing Member

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  6. Major

    Major Member

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    This is exactly how you fix the inequality problems. We currently tax capital at much lower rates than labor - so of course the result is that capital produces profit and labor does not. The way to fix this is to equalize taxes between the two, which is exactly what this does (though only on the wealthy).

    There's no reason investing money in someone else's business should be rewarded more than investing time/labor into your own business.
     
  7. Major

    Major Member

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    It's unlikely to pass in this form, unfortunately - given the GOP demand for infrastructure spending that is paid for, but also their demand for no tax increases.

    But this is good policy regardless - if I were Dems, I would propose it in a revenue-neutral package alongside lower income tax rates. No policy change, but equalizing the taxation of labor and capital. Challenge the GOP to stand up to protect capital gains taxes while being against lowering taxes for everyone else.
     
  8. larsv8

    larsv8 Contributing Member

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    Why equal?

    Capital gains should be taxed at higher rates than labor.

    There should be heavy penalties for accumulation of massive amounts of wealth.
     
    FranchiseBlade likes this.
  9. Astrodome

    Astrodome Member

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    Penalize them for what offense?
     
    dachuda86 likes this.
  10. larsv8

    larsv8 Contributing Member

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    For accumulating massive wealth.
     
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  11. dobro1229

    dobro1229 Contributing Member

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    No I don’t miss Trump

    Yes increasing taxes among the wealthy is an extremely popular policy decision. Just because you love white nationalism and trickle down economics doesn’t mean most people don’t actually disagree with you.
     
  12. jiggyfly

    jiggyfly Member
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    [​IMG]

    Why?
     
  13. fchowd0311

    fchowd0311 Contributing Member

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    There can be an argument made that the people who accumulate the most wealth benefit the most from government infrastructure and social safety nets. Social safety nets allow for a larger consumer base to profit from. Infrastructure allows for their products and services to be distributed efficiently and public education allows for the mass output of skilled labor and proffesionals like engineers and accountants.
     
  14. jiggyfly

    jiggyfly Member
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    What does any of that have to do with penalizing someone for accumulating massive wealth?

    I agree with everything you say about infrastructure but just penalizing someone for accumulating wealth?

    A strong no.
     
  15. fchowd0311

    fchowd0311 Contributing Member

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    Penalizing maybe the wrong word. Maybe the more amicable phrase would be "taxing the rate at which properly indicates how much they benefit from government spending".
     
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  16. jiggyfly

    jiggyfly Member
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    Penalizing is definitely the wrong word.

    Just accumulating wealth is not and should not be thought of as bad thing.
     
  17. juicystream

    juicystream Contributing Member

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    They should. I believe in doing away with qualified dividends as well.
     
  18. juicystream

    juicystream Contributing Member

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    We should encourage the wealthy to spend their wealth over accumulating more wealth.

    Conversely you want to encourage the poor to accumulate wealth by providing benefits for saving (such as the early retirement savings credit).
     
  19. larsv8

    larsv8 Contributing Member

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    Multiple reasons.

    1,) They are utilizing more of the nations infrastructure, the companies they own are using the highways to transport goods, pay for regulatory agencies to keep their businesses in line. The legal system, odds are they will be participation in the legal system in various forms in different court cases.

    2.) Protection: they have more property being defended / protected by military / police.

    3.) The wealthy always always always will rig the game in their favor and this includes in government. The downfall of just about every major empire in the history of civilization has been wealth inequality. It doesn't take Rocket science to see the explosion of wealth --> Citizens United --> a completely dysfunctional government.

    The societal goal should be shoving as many people into the middle class as possible. Massive subsidies and services for the poor, heavy taxation and burdens on being wealthy.

    Is there a place for poor people...yes. Some people will just not have the tools to not be.

    Should people be dying of hunger, lack of medical care because of being poor....no.

    Is it okay to be wealthy...yes. The capitalist system should provide avenues to accumulate wealth to keep people comfortable for themselves and even multiple further generations of their line....to a point.

    Is it okay to be a mega billionaire, who has far more money than they will ever need, with the ability to garner undue influence on regulatory and political issues. Absolutely not. There is absolutely no moral argument for a billionaire to exist.
     
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  20. jiggyfly

    jiggyfly Member
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    It's their wealth they can do with it what they want as long as they are paying their fair share.

    Who are we to tell them what to do with their money?
     

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