Will the Harris increase on capital gains tax be based on salary income or total
The current capital gains tax is 20%.
The Harris plan will tax any capital gains at 28% for those whose income is over $1M.
If my income is $100k and I inherit $900k, does that put me now into the $1M income bracket and I'm taxed at 28% or is the 28% based on the income that doesn't include the inheritance/capital gains?
The Harris plan will tax any capital gains at 28% for those whose income is over $1M.
If my income is $100k and I inherit $900k, does that put me now into the $1M income bracket and I'm taxed at 28% or is the 28% based on the income that doesn't include the inheritance/capital gains?
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If you inherited property the property would not be subject to capital gains only the profit from selling it at a value which is greater than at the time you inherited it.
Typical TUSCL PL though, making over 350k a year but then flipping out over a $7 valet charge, or actually getting into a fist fight with a stripper over who gets to take the breadsticks home from Olive Garden.
LOL!
Remember the demented shit the OP posted about hiring alligator escorts? This lion remembers because it was something he posted yesterday: https://tuscl.net/discussion/86106
I did inherit some stock, brokerage, not IRA. Is my ownership price based on the day it was bought or when I inherited it?
If a Stock was bought 2 years ago at $50, I inherited it at a price today at $150 and I sell it, am I taxed as a Long Term Gain for $100 or does it reset to $150 for me as my cost basis?
The top 1% income earners federal income taxes paid rose from 42% in 2020 to 456% in 2021; this was due to the Trump tax cuts that actually benefited the Middle/Lower Classes more. The top 50% of all taxpayers paid 97.7% of all federal income taxes, while the bottom 50% paid 2.3%. https://taxfoundation.org/data/all/feder…
Reducing Corporate Taxes to 15% for companies that repatriate to the USA will actually increase employment, lower their cost of goods sold unless things like increased energy, wages, inflation cost light-up that have nothing to do with tax rates. Companies that make their stuff offshore will be at 21%. That a pretty big incentive nut for repatriation, just know it takes several years to come back with construction and so on.
Of more importance to this board is what will happen to lap dance costs?
Also Skibum is 100% correct. If our Gov doesn't stop spending so much... we are screwed. Why do you think they are trying to find "new ways" to tax everyone. Hence the "unrealized" gains tax.
The other scary thing with Harris/Walz ticket is that they are putting pressure on making "housing affordable" again. Remember last time the government got involved... they put pressure on banks to give out loans.... what happened.... MARKET CRASHED. We are at the bubble again with how high house prices have become. It is great if you own your home outright.... cash in baby. But those who are looking to buy... they are shit out of luck.
If we’re not careful we’ll end up with a VAT which will be terrible for everyone including lower income people.
Like the AMT, it would start as only affecting the rich but eventually creep on down to include the merely well-off, then the upper middle class, you get the idea.
We would see investment... which comes from the very rich... leave the country so fast it'll blow your hair back on the way out. Entrepreneurship, the lifeblood of the economy, will wither and go to more capital-friendly countries.
Both sides have contributed to the mushrooming debt, but everyone is about to have to pay the piper.
"Paying the piper" will come out of Medicare, Medicaid, Social Security, and defense, because that's where the money is. That means cuts and freezes, there just isn't enough revenue to fund single payer, free child care, and the Democratic wish list.
A VAT is used in Europe to combat that scheme and is a purely regressive tax, which doesn’t solve the problem either.