President Joe Biden has tanked the stock market with word of a tax hike. It was bound to happen with a Democrat in the White House.
Biden proposed an increase to the capital gains tax that nearly doubles the rate, Breitbart reported. The S&P lost its gains and then some, slipping by .5% after the plan was announced Thursday.
The capital gains tax rate would go from 20% to 39.6% for those earning over one million dollars. In addition, there would also be a 3.8% investment income tax, part of the Obamacare funding that makes the top effective rate 43.4 percent. Current capital gains taxes for lower earners range from zero percent for married couples making less than $80,000 to 15% for couples earning between $80,000 and $496,000.
This news caused the health care and real estate sectors to hang on by a thread in the positive as the other nine sectors slipped. Although these tax hikes come under the auspices of taxing the wealthy, they often apply to business owners who filter the business earnings through their personal income.
Capital gains taxes are paid when assets like houses or stock are sold after being held for longer than one year and gain value. Many wealthier investors will simply choose to sit on assets rather than sell them and take the tax hit. This will likely cause further dips in the stock market.
Biden has expressed a desire to match the capital gains taxes to the current income tax rates. Former President Trump had cut the rate for those making over $400,000 annually to 37%, down from the previous 39.6% that held since 2013.
The stock market has remained robust despite the coronavirus lockdowns that crippled many businesses. This tax increase, and the subsequent market losses, are the exact wrong thing to do at this time.
Biden has to pay for all the government spending and Democrats have the same one-note approach to simply fleecing top earners. Unfortunately, it’s destined to have the opposite effect as fewer stock and other sales will be made and the economy will grind to a halt.
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You realize Biden had help with all of his decisions, Obama,pelosi, Schumer, lord knows how many more. Biden is mentally so far gone, dementia, is robbing him daily of his mind.
Lol, I kinda wonder. What IF, every Business, every corporation, every person stopped paying taxes?? Hmmm, I wonder!!!
Good idea! Don’t give that clown faced fool any more of our tax money to squander on illegals (for their vote)
That was my idea too. Let the Demon Rats figure out how to pay for illegals, electric bases, and all their other schemes.
biden should stick to what he knows best mumbling babbling and falling down
How about impeaching biden!!!!!!!!!! he is a total disgrace & an empty headed moron.
This is not a presidency but a hostile takeover.
BINGO
Your idea is great but unfortunately WE THE PEOPLE don’t do the impeachment BUT WE DO PAY THE TAXES but unfortunately the only way that can work is if EVERYBODY STOPS,,
We would be no better off. Kamilla Harris and Nancy Pelosi would be the next in succession to the presidency. Scary isn’t it? I don’t think Joe Biden is actually in charge anyway, I am not sure who is but all he can do is sign executive orders that someone else wrote. I think he is too senile o even dictate them.
Do you want the present Vice-President as President or the Speaker of the House iwho s next in line.
You have to have the house to form an impeachment. Hopefully that will change in 2022.
Send your windfall to Biden, he needs it per the above article. Then, crawl in a hole and don’t clutter these forums with your garbage.
The brainless nitwit has no idea. He needs a mental ward soon.
He needs a mental ward NOW, before he does any MORE damage to our country
He is doing what China tells him to do. How many million dollars has he and the rest of his family gotten from China so far?
MILLIONS ! F*CK JOE BIDEN !
He is not stupid. He is evil. He purposely wants to destroy the United States. He is owned by China, Obama and Soros.
So true..Obama is pulling the strings !!!!!
He wants to kill off Americans and replace us with Illegals for their compliance and vote. He can order them around like puppets—just like HE is being puppeteer by his handlers (CCP< SOROS< PILOSSI<OBAMBA)
It’s all being done for the Great Reset. Look it up. Soon they will be in our bank accounts and monitoring everyone via various spy systems. I am disappointed that no one seems to be watching as nothing is done.
OMG, thank you. FINALLY someone else is saying what I’ve been saying for months. This is reality, not dems vs reps (except the necessity to create division and hatred). It’s all of us against them.
Biden is a true idiot.. he knows nothing about running our country, take a hike to one of your foreign countries you like so we’ll, then we can fix everything that you’ve screwed up so far moron…
I agree. Anything he touches turn to S**T. The whole crew knows dam well what there doing. Makes me sick.
Obama, Rice all the leftovers are in his administration for a reason. I am also tired of GOP talking about it. Do something is what I say. Dems do not follow the rules.
That is called the Sadim Touch. Just the opposite of the Midas Touch that my POTUS Trump has.
He’s a big ups
Between obozo joe and his master, the black muslim and original obozo, these two morons along with the rest of the liberal demonrats are going to destroy our country, unless! we grow some balls!!!
yes let the second c. w. begin that’s the only way it will save our country.
BIDEN,HARRIS ARE THEIVES, FRAUDS. THIS IDIOT BIDEN IS NOT THE PRESIDENT . THE PEOPLE VOTED FOR DONALD J. TRUMP, THE PEOPLE’S PRESIDENT! THIS D A CAN’T EVEN CLIMB UP STEPS WITHOUT F*****G THAT UP ! HARRIS AND THE REST OF THAT FROUD CAMP NEED TO ASAP! DO NOT TAKE THAT SHOT OR WEAR A MASK …NO MORE MASK ! STAND UP FOR YOUR RIGHTS ! FREEDOM !!
The Democrats like Pelosi are busy talking about an insurrection. There is an insurrection already, and it is being done by the people in the government. People that are trying to destroy the constitution, and take away our freedoms. so they can be despites. They with their friends in the MSM and SM and big tech are trying to turn the American people into slaves. The insurrectionists that are doing this are in the White House, in congress. It is time for the people to rise up and throw this yoke off of our neck. We elect people to work for us, NOT TO OWN US.
It’s part of the Plan to collapse the US then the world then take over. It’s a written plan, UN Agendas.
CNN thinks that Trump is so good that he could single handedly skew up a wet dream in the middle of the Sahara during a drought. Now I would have to admit that would take some talent, and I don’t think that the Lemon could match it, or anyone else on the CNN staff, no talent bunch of slobs.
DID ANY OF YOU IDIOTS THAT VOTED BIDEN AND HIS MOB IN OFFICE NOT SEE THIS COMMING???????????? SERIOUSLY???????????????
I knew what was planned and explained it to everyone who’d listen and some who didn’t.
For the Plan, B. HAD to win.
For our survival, and the world’s, We HAD to win.
It was simple. That’s why I’ve never understood why T. didn’t fight it like a beast.
You would have had to be blind in one eye and can’t see out of the other not to see this coming. The dems are thieves. They live to spend op money never their own. America needs to wake up or there won’t be an america.
If the Democrats want to survive, they need to take out the trash in Washington, ie; Pelosi, Schumer, Talib, Omar, AOC, Waters, Biden, both Clintons, both Obamas, Soros, all donations from mega businesses that want things their way, and all other radical leftists. This country belongs to The People, not the wanna-be power-grabbing, money-hungry left.
Don’t blame poor senile Biden, it’s his communist
handlers that are calling the shots!
I do blame him and all his cronies, and the media. They are responsible and he’s the face man. Good ole Joe is tuning into Comrade Joe (as in Joe Stalin). We need to take action to stop this destruction of our country.
What is so disgusting is that people like the Bidens, Pelosi’s, Schumers, etc. already have all the money they need, so they could care less if the taxes are raised. They won’t have to pay anymore. As a matter of fact I don’t think they pay any taxes. Hypocrits of the first water. We American people see what you are doing. You will get your come uppence in 2022.
With the king biden spending spree our childerns childern will never be able to catch up on paying this back… how does a democrap try to solve a problem.. throw more of we the peoples money at it…
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This is the first of many tax increases. The democrats will steal us blind. Be prepared to empty your pocketbooks. Are you now happy you voted for Biden?
This is one way to force economic collapse which has to be done re the Plan.
OUR FAKE PRESIDENT IS F**KING UP EVERYTHING THAT WAS REALLY WORKING WELL
UNDER OUR GREAT PRESIDENT TRUMP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
His taxes & regulations alone will Kill Green Deal anyway
Wont happen
Commiecrat thieves at work.
The democrats have been tax and spend throughout history. LOOK IT UP>
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