Biden Proposes A 44.6% Capital Gains Tax, From The Current 19%

Here’s another installment of the GAS - A newsletter so full of sauce, that you might as well call us Big Ragu.

Here’s what we have for you today:

• Biden Proposes A 44.6% Capital Gains Tax, From The Current 19%

• NYC Construction Worker Delivers Piercing Message To Joe Biden

• Liberty University Holds Massive, Public Prayer Gathering

Biden’s Proposal Will Make You Think Twice About Becoming a Millionaire

Well, don’t pop that champagne just yet - you might not be able to afford it if Biden is still in the White House next year. His plan for 2025 - or whoever wrote the plan- is a full-on assault against the American Dream. 

Currently, The capital gains tax rate for long-term capital gains - assets held for more than one year, is at most 20%

Biden’s FY25 budget proposal would nearly double that capital gains tax rate to 39.6%. That proposed capital gains rate increase would apply to investors who make at least one million dollars a year. 

The main proposal is to raise the long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million.

The 44.6% rate would apply to those individuals with taxable income above $1 million and investment income above $400,000. Did the small business you have poured years of your life into finally break through that million-dollar ceiling? Did you just break a generational curse by becoming the first millionaire? Did you scrape and claw your way to success through all sorts of personal adversity, to realize your dream of making your first million dollars?

Put the cork back in the bottle, buddy- that 39.6% tax bill is coming for you- not to mention your state income tax, for those of you not fortunate enough to reside in freer states. 

That one million dollars will be knocked immediately down to around $600,000 - before your state takes its piece.

Don’t forget about property and school tax, either. Because whether you “own” or rent your home - you’re paying it somehow. 

“Well,” you might be saying, “Even if I only net half a million - that’s plenty!”

But.. is it? Have you filled your gas tank lately? Bought heating oil? Paid local permit extortion- I mean permit fees- to renovate your own home? Bought groceries? Do you have any interest in travel, or helping out the family members who have been there for you? Pouring your fortune back into the community through donations to causes you believe in? Want to provide for yourself in your “golden years” so your kids don’t shoulder that burden - and maybe, do you even dare to dream about things like trust funds for your kids and grandkids to help them through life?

Because that 500k will not be enough for all of that. No, instead of you deciding how to spend the money you worked your ass off for, the government will take that for you, thank you very much. Their salaries come first. Their trips- like the seven-member city council in a small town in NY that just spent 37 thousand dollars of taxpayer money on a two-day luxury retreat for themselves, in which they paid a government contractor a hefty amount to “train” them for an afternoon. And we can’t forget the pension funds in Ukraine - of course, your pension should take a back seat, because what would happen if the politicians in Ukraine lose their pensions??

The White House says the President's budget would reduce deficits by nearly $3 trillion over ten years - because clearly there is no other way to achieve that.  It is also being touted as a way to help shore up the Medicare program, with an increase of the Medicare tax rate to 5% from the current 3.8%. So toss that on top, too.

Do any real estate investing? Or maybe you are selling a property you recently bought with plans to immediately reinvest those profits into another property? Well it looks like the 10301 Exchange, forgiving the Capital gains tax in that situation is fair game under Biden’s proposal too, as the White House pointed out "this amounts to an indefinite interest-free loan from the government," and that "real estate is the only asset that gets this sweetheart deal. Only politicians, the people who own them, illegals, and foreign countries are allowed to live off taxpayer dollars.”

Just kidding about the last part of that quote there. Because that’s one of the few quiet parts they haven’t said out loud yet.

How’s that million-dollar dream looking now? If they can’t kill the entrepreneur, they’ll take aim at capitalism, instead. 

Still think it doesn’t matter who’s in office?

- Barb Allen - Follow On Instagram

NYC Construction Worker Delivers Piercing Message To Joe Biden After Donald Trump Meets With NYC Union Workers

New York union leader Bobby Bartels says most of his Union workers are Democrats but they are supporting Trump in 2024.

Bartels said he conducted a poll of his 9,000 members and Trump is leading Biden 3 to 1.

“In the past, we are basically Democrats, all of us. And after what’s happened the last 4 years in this country, Democrats are basically pushing everybody to the other side.” “We are tired of immigration, we are tired of our tax dollars going to immigration, we are tired of the crime, we need to put a handle back on things in this country.”

During a separate interview with Fox News, Bartels said: “I put out a poll in my union. President Trump is leading Joe Biden 3 to 1 in my presidential poll out of my 9,000 members.”

[ Watch Video ]

Was it as good for you as it was for us? Make sure you tell all your friends so they don’t miss out on the next installment! 🇺🇸

Barb Allen & Dave Brown
www.greatamericansyndicate.com