Jump to content



Photo

OT: Taxes! LT Cap Gains to be raised? Sell Now?


  • Please log in to reply
3 replies to this topic

#1 Rogerdodger

Rogerdodger

    Member

  • TT Member*
  • 25,158 posts

Posted 21 March 2021 - 02:40 PM

Last year I painfully took some Long Term cap gains for year 2019 partly in fear of losing some of the lowest tax rates in years for the highest since Jimmy Carter.

Everything now is in post taxed ROTH accounts. I just hope that ROTH laws are not changed to come after me again retroactively!!!

 

It's not law yet, but...

If you remember, Clinton even made higher taxes retro-active to the previous year!

"The Tax Reform Act of 1993 was one of Clinton's first tax packages, ... The Act was also one of the first bills to retroactively raise taxes"

 

FORBES:

One Governor Hopes To Pile Onto Joe Biden’s Capital Gains Tax Hike With A State-Level Cash Grab

 

If Governor Inslee is successful, his constituents are looking at the prospect of a capital gains tax double whammy in 2021, as President Joe Biden is also calling for a federal capital gains tax increase that, if enacted, would result in the U.S. having the highest capital gains tax rate since Jimmy Carter was in office. 

“I’m gonna double the capital gains rate to 40%,” President Biden remarked on the campaign trail. “So every single solitary person, their capital gains are going to be treated like real income and they are going to pay 40% on their capital gains tax,” Biden said of his goal.

 

READ MY LIPS!


Edited by Rogerdodger, 21 March 2021 - 03:34 PM.


#2 brucekeller

brucekeller

    Member

  • Traders-Talk User
  • 893 posts

Posted 22 March 2021 - 09:18 AM

Yeah thats not happening as long as Pelosi is around. Plus doubt they want to be known as the party that crashed the market when they have the Republicans on the ropes. Better to consolidate more power.

#3 pdx5

pdx5

    I want return OF my money more than return ON my money

  • Traders-Talk User
  • 7,811 posts

Posted 22 March 2021 - 10:46 AM

Yeah thats not happening as long as Pelosi is around. Plus doubt they want to be known as the party that crashed the market when they have the Republicans on the ropes. Better to consolidate more power.

LOL Pelosi has too many long term capital gains, so is not likely to go along!

My best guess is such law will not pass quickly, but if Kamala becomes president, 

all bets are off. I am already cashing out long term gains, and will be done before mid-May.

I don't think such law will pass any sooner but then there is speedy Biden who tried to climb AF-1 steps too fast.


"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#4 Rogerdodger

Rogerdodger

    Member

  • TT Member*
  • 25,158 posts

Posted 22 March 2021 - 09:00 PM

I just got a surprise K-1 from a trade in UCO in a now closed SEP IRA "for your investments in Volatility, Commodity or Currency".

Death and taxes...

I guess one is a bit worse than the other, but sometimes you get hit with both...


Edited by Rogerdodger, 22 March 2021 - 09:02 PM.