Re:Russia weighs biggest tax shake-up in almost 25 years
by ein0p on Sunday June 02, 2024 @12:14PM
(#40555246)
So does the US. Word is, cap gains are going to be 44% next year. Lock in your gains, folks, that $3T a year in deficit spending is coming out of your pocket, present and future. And you aren’t getting Social Security when you retire either.
> For high income taxpayers, the long-term capital gains tax could nearly double to 39.6%. That proposed capital gains rate increase would apply to investors who make at least $1 million a year. In fact, it is possible to go even higher, as high as 44.6%. Portions of the General Explanations of the Administration’s FY 2025 Revenue Proposals note that for some taxpayers, if you add several proposals together, they could increase the top marginal rate on long-term capital gains and qualified dividends to 44.6%. It seems unlikely that this major capital gains tax change will be enacted, but time will tell.
I think it is misleading to “capital gains /are/ going to be 44%” when the reality is “if you make more than $1 million a year and if the every tax hike the Biden administration has thought of gets passed into law by Congress, the capital gains rate could be 44%”.
Re:Russia weighs biggest tax shake-up in almost 25 years
by ein0p on Sunday June 02, 2024 @12:43PM
(#40555438)
People’s naïveté never ceases to amaze. The rich will end up paying bupkis anyway, just as they do now. It’s the people who can’t afford a team of tax accountants that are going to end up paying. I.e. you. It also obviously doesn’t make sense to increase LTCG to 39.6% when the top income tax bracket is 37%. So that’s going to go up above 40, as well
Re:Russia weighs biggest tax shake-up in almost 25 years
by t0mas88 on Sunday June 02, 2024 @11:44AM
(#40555033)
Doesn't sound high indeed, but you have to take into account what you get for your tax money.
A low rate sounds good, but if you then have to spend a fortune on healthcare and education, while those are (nearly) free in most places with a high rate. Then for most of the middle class the low rate system is actually more expensive.
Re:Russia weighs biggest tax shake-up in almost 25 years
by amai on Sunday June 02, 2024 @03:33PM
(#40556670)
The official income of every Russian is much lower than the real income. The real income is paid in cash. By raising the taxes just more income will be paid cash, so I doubt the russian state will be able to raise more money with higher taxes. That is the problem if your whole state is based on corruption.
> For high income taxpayers, the long-term capital gains tax could nearly double to 39.6%. That proposed capital gains rate increase would apply to investors who make at least $1 million a year. In fact, it is possible to go even higher, as high as 44.6%. Portions of the General Explanations of the Administration’s FY 2025 Revenue Proposals note that for some taxpayers, if you add several proposals together, they could increase the top marginal rate on long-term capital gains and qualified dividends to 44.6%. It seems unlikely that this major capital gains tax change will be enacted, but time will tell.
I think it is misleading to “capital gains /are/ going to be 44%” when the reality is “if you make more than $1 million a year and if the every tax hike the Biden administration has thought of gets passed into law by Congress, the capital gains rate could be 44%”.
A low rate sounds good, but if you then have to spend a fortune on healthcare and education, while those are (nearly) free in most places with a high rate. Then for most of the middle class the low rate system is actually more expensive.