Really Bad Takes on Taxing The Rich

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Biden wants to raise taxes on the very wealthy, and in doing so he undermines God, the American flag, apple pie, and mom.

Under Biden’s proposal, the federal capital-gains tax rate would be as high as 43.4% (including an existing Medicare surcharge), according to a Bloomberg report.

“Capital gains would be the highest-tax income we have,” according to Leon LaBrecque, an accountant and certified financial planner at Sequoia Financial Group, based in Troy, Michigan.
Capital gains tax

Investors currently pay a 23.8% top rate on long-term capital gains.
That includes a 20% capital-gains tax on assets held in taxable accounts for more than a year.

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As it stands now, your labor gets taxed at a higher rate than rich people not doing anything but speculating. And that apparently is American values according to the wealthy.
But for some reason the polls show that people want to see taxes raised on the rich.

Of those polled, 54% favored raising the corporate tax rate from 21% to 28%, while 33% opposed it. The wealthy were more in favor of increasing the corporate tax rate. People who earned less than $30,000 a year voted 48% in favor, while 63% of people who earned more than $75,000 supported it.

Biden has come out strongly in favor of increasing the corporate tax rate, arguing that corporations do not pay enough in taxes.

The same poll showed that 65% of Americans were in favor of a proposal that would raise the capital gains tax rates for couples earning more than $1 million. A capital gains tax is a tax on the growth in value of investments when those assets are sold. Again, wealthier people favored the capital gains tax hike more so than lower-income earners.
The IBD/TIPP poll also showed that investors strongly favor the capital gains tax hike by a 3-1 margin.

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So just to be clear, raising taxes on corporations and capital gains is wildly popular, except with millionaires and the very poor.

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The values that the U.S. should prioritize are a valorization of wealth, the encouragement of saving, and the encouragement of children.

Seriously? In a time of unprecedented disparity of wealth and global overpopulation by humankind these are the core “values” Americans should embrace and swear fealty to?

How the hell does someone this clueless get even a soapbox to stand on to spew his nonsense, no less in Bloomberg?

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18 users have voted.

Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all."
- John Maynard Keynes

@ovals49
We don't take kindly to your kind around these parts.

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8 users have voted.

@gjohnsit
Sometimes I’m not sure I’m clear enough when trying to express my feelings. Glad I’m coming through loud and clear. I wouldn’t want to be mistaken for some neoliberal capitalist.

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13 users have voted.

Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all."
- John Maynard Keynes

Shahryar's picture

@ovals49

I read "the valorization of wealth" as "the vaporization of wealth".

We all look at the 90% tax rate from the 50s and wonder how people pretend not to be able to see it. I don't mean pretend to not want it, I mean shove the numbers under their noses and they go "squirrel!" and look the other way.

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PriceRip's picture

@Shahryar @Shahryar

We all look at the 90% tax rate from the 50s and wonder how people pretend not to be able to see it.

The problem, from my point of view, is that so very many are lacking in education. They may see the graphs in a textbook, but they haven't an idea of how to process the information. Up until I finished graduate school it was possible to go all the way through and not be burdened by crushing debt.

I wasn't privileged in any other way than having grown up in an era before the deck was actively, and aggressively stacked against those at the bottom of the socioeconomic ladder.

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4 users have voted.

@PriceRip
Good to see you again!

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3 users have voted.

Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all."
- John Maynard Keynes

mimi's picture

I am a mom and am all for taxing the rich the very wealthy people at the same rate they tax the poor and middle income folks,

Just saying. I am so poor I don't pay taxes anymore, neither in the US, nor in Germany. It pays to be poor. Bingo. /s

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Pluto's Republic's picture

Capital gains on my stock market gambling profits and war profiteering are not low enough yet.

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17 users have voted.

____________________

The political system is what it is because the People are who they are. — Plato
PriceRip's picture

@Pluto's Republic

because of the extra context in time

I need to get a version with capital gains on it ...

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It's so he call put on a facade of raising taxes.
The standard "Republicans wouldn't allow it" excuse will be made.

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8 users have voted.

I've seen lots of changes. What doesn't change is people. Same old hairless apes.

@The Voice In the Wilderness Clinton and Obama wouldn't even bothered to do that much.
They would've berated progressives for asking for shit.
This is an improvement. We are now only taken for granted as much as Republican voters.

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If the billionaires only cared 0.1% for us as much as we are supposed to care for them we would be in a much better place. Obviously they don't.

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Been awhile but I remember reading how the IRS could not do audits of wealthy people because of cut backs in personnel. As a result, the IRS began heavy audits of everyday people.

BTW, the low capital gains tax is one of the primary reasons for the wealth gap. The rich got much richer off lower capital gain taxes.

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6 users have voted.

@MrWebster

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