Combined capital gains tax rate in California to hit 56.7% under Biden plan

The Center Square:

The combined state and federal capital gains tax rate in California would rise from the current 37.1 percent to 56.7 percent under President Biden’s American Families Plan, according to a new study from the Tax Foundation.

That increase, which would include federal, state and local taxes on financial gains from the sale of assets in California, represented the highest levy among the 50 states, the Tax Foundation’s analysis said. 

Nationwide, the combined average capital gains tax rate would amount to an estimated 48.4 percent under the president’s proposal, with the top federal tax rate increasing to 43.4 percent, according to the report. That compares to the current combined average rate of about 29 percent, the study said.

A total of 13 states would have a top combined capital gains tax rate above 50 percent if Biden’s blueprint to help U.S. families with education costs and child care were to become law, according to the Tax Foundation. more here

10 Comments on Combined capital gains tax rate in California to hit 56.7% under Biden plan

  1. Hey, it’s only money and besides, the liberal dems know how to waste, I mean, how to spend your money better than you do. /s

    3
  2. Government who produces nothing, Helping themselves to the savings of people who produce goods and services.
    You didn’t build this, what gives Government the right steal?
    Helping families my back side.
    You own nothing in the US. You just rent space through property taxes, when you die the Government sweeps their percentage right off the top. Government of and by the people has become the Government elite class controlling the people.

    Not to worry, it will get worse. What money that is left by your betters may cover the inflationary cost of essentials needed to survive and skyrocketing property taxes. Russian Roulette, who will lose their home first.

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  3. I remember I simply stopped having capital gains in about the year 2000. Maybe earlier.

    I may have fucked myself, but probably not. I always lost money. But under the threshold of CGT I had more assets available to liquidity. Which were worth more than the threshold of inflation.

    Savvy?

    I never paid capital gains.

    I always lost.

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  4. Just wow.

    Cause nothing says it’s time to build or buy or renovate somethinmg like knowing 60% of your profit will go to a scum sucking bureaucrat.

    And if you take a loss? Well you can claim $3,000/yr. Thanks assholes, I’ll pass.

    I swear I could get this economy skyrocketing inside of 6 months. And I’m no fucking genius.

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  5. SHIT! It won’t be long before every road and highway within fifty miles of Austin will be so jammed-packed with cars bearing California license plates . . .what the hell am I saying, it’s that way now!

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  6. Ha ha ha!
    Gee! I’m surprised!
    (not really)
    Who would have expected that a gaggle of Stalinist/Nazis would try to rob the country blind? And destroy it in the process?
    Knock me over with a feather!

    Captain Obvious to the courtesy phone!
    A call from “President”(*) Oblivious.

    izlamo delenda est …

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