Jump to content



Photo

Stocks Fall on Reports Biden Is Weighing Rise in Capital-Gains Taxes


  • Please log in to reply
14 replies to this topic

#11 Rogerdodger

Rogerdodger

    Member

  • TT Member*
  • 25,192 posts

Posted 22 April 2021 - 06:25 PM

As promised...

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

in Fearless Forecasters
Started by Rogerdodger, 21 Mar 2021

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

 

Quote

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.



#12 pdx5

pdx5

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

  • Traders-Talk User
  • 7,860 posts

Posted 22 April 2021 - 06:54 PM

Andr99, capital gains tax is not fixed flat rate in USA. If stock is held longer than year tax rate is lower. Also your total taxable income makes a difference. I buy software every year to compute taxes. It can get complicated.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#13 brucekeller

brucekeller

    Member

  • Traders-Talk User
  • 906 posts

Posted 23 April 2021 - 06:18 AM

One nice thing about roths is they arent really associated with the bulk of a millionaires portfolio, its one of the few things someone making low enough money to be in a lower tax bracket has to look forward to, so I doubt theyll get messed with.

I just realized apostrophes arent really allowed on this board lol.

Edited by brucekeller, 23 April 2021 - 06:20 AM.


#14 Rogerdodger

Rogerdodger

    Member

  • TT Member*
  • 25,192 posts

Posted 23 April 2021 - 10:06 PM

I just realized apostrophes arent really allowed

 

 They ain't?



#15 brucekeller

brucekeller

    Member

  • Traders-Talk User
  • 906 posts

Posted 24 April 2021 - 06:18 AM

 

I just realized apostrophes arent really allowed

 

 They ain't?

 

Odd, maybe some weird bug on mobile. I kept trying to edit them in and it wasn't working.