The Center Square:
The combined state and federal capital gains tax rate in New York would rise from the current 34.7 percent to 54.3 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 New York, represented the second 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.
Under a foundation tax model, the nation’s gross domestic product would drop 0.1 percent in the long term if the top capital gains tax rate were increased to 39.6 percent. Federal revenue would also decline, the study said, under this scenario. more here
Democrat solution: Bigger stimulus checks!
How much Tax Did HUNTER BIDEN PAY.
Did the Biden’s actually invest in the pipelines or was it given gratis.
What is the tax rate on an asset that does not even cost a plane ticket (government jet) and will eventually be sold at 100% profit.
🎶 How you gonna keep ’em down in New York, after they’ve seen the farm? 🎶
(That famous WWI song: https://www.youtube.com/watch?v=_vkOYEtivTA )
Kcir – The chinese own most of it and that’s why they were able to ‘hack’ the pipleline. They must have gotten nervous and started to check on their asset.
Remember, biden gave china the rights to handle power grids in several states (which only the R states refused).
All I know is, the more info comes out about this, the more you’re going to wonder about those Conservatives you thought you knew.
Oh well.
Biden and the Democrats:
Stupid citizens.
That is not your money.
It is the government’s.
We’ll let you keep some of it.
Maybe.
This country was started with a tax rebellion.
Ollie, know that old song well. Had a player piano when I was a kid and that was one of the school songs we would play on it. Had to pedal it too!
Oh to be young.
Scroll songs!