Monday, February 26, 2018

FAKE Government Reports

Biden is out for your legacy, your property, and your future.

Why?

• The top marginal income tax bracket would rise to 39.6%. The change would apply to 2022 income above $452,700 for individuals and $509,300 for a married couple, according to a report in Axios. This will end up raising taxes on individuals who sell any real property that has appreciated in value by 300% minimum, which Biden promised not to do during his presidential campaign.

• Those earning income above $500,000 in any year and that includes the capital gain on any property you sell plus any ira, 401(k) retirement, social security, interest, and any other income (tips, etc)  would have their capital gains—whether short-term gains or long-term gains—taxed at 39.6% as well. Currently all long-term capital gains are taxed at 20% MAXIMUM for those earning over $400,000  but if you have a total of less than $70,000 long term capital gains are 0%. When you include the 3.8% net investment income tax (NIIT), that rate jumps to 43.4%. If you include state income taxes, the tax rate could rise to as much as 48%.   The worst hit are the low earners.  Under Trump 0%  Under Biden 43%.   This means if you sell your home to buy that smaller retirement home, you can't afford it.    And if you leave it to your kids they can't afford it either.  They have to sell the property to pay the tax.

• Inherited assets that have gone up in value by more than $500,000 since the time they were bought would be taxed upon death of the owner. at 43% regardless of what your income was.   This is a true death tax.  No country in the world does this.  It is a tax on inflation.   Why? Right now, the basis of those assets—aka the baseline that determines the amount of capital gains or losses—is stepped-up to the fair market value at the time of the owner’s death.

The Biden is a liar of the first order.   He claims to tax the rich.   But the rich are immune to this.  They use trusts foundations and corporations, just like Joe does, just like Nancy P does,  Just like everyone who worked on this plan does to avoid these taxes altogether.   

The very idea this plan helps the middle class is retching.   What it does is help itself to the assets the working middle class has amassed through hard labor and investments over their lifetimes.   It is stealing, pure and simple.

No comments:

Post a Comment