Guest Post by Martin Armstrong
Success is a punishable offense in Biden’s America. Joe Biden and his administration would like to implement a 44.6% tax on capital gains, the highest tax on capital gains in the nation’s history. Washinton says this tax is necessary to address the looming national debt, but they are simultaneously implementing measures to ensure that the nation falls deeper into debt. Perpetually issuing new debt to pay for the old is equivalent to a Ponzi scheme that WILL FAIL.
Donald Trump’s implemented tax deductions are set to expire in 2025, which is precisely when these measures could go into effect. The proposals essentially rob those who have achieved success to pay those who leech off of the government.
The proposal is over 250 pages in length but looks to target all investments. The MSM will report that they are only going after the wealthiest Americans but the truth of the matter is that they will seek to squeeze everything they can out of every American, unless they fully rely on government assistance and are therefore owned by Washington.
“A new 25- percent minimum income tax would be imposed on extremely wealthy taxpayers. For high-income taxpayers, gaps in the law that allow some pass-through business owners to avoid Medicare taxes would be eliminated, and Medicare tax rates would be increased. Additional loopholes, including the carried interest preference and the like-kind exchange real estate preference, would be eliminated for those with the highest incomes. Together these reforms would sharply curtail tax preferences that allow the wealthy to pay lower tax rates on their investment income and exacerbate income and wealth disparities, including by gender, geography, race, and ethnicity.”
We are equal in rights, not talent. This proposal clearly states that successful individuals must be punished financially. Will the government curtail its own spending or address the utter deterioration of fiscal policy that has hurt all Americans? No. There are no mirrors in Washington.
C corporations, under this proposal, would be subjected to a 28% tax rate – a 7% increase. The corporate alternative minimum tax (CAMT) would rise to 21% compared to the current 15%. How on Earth does this support American business? Does he truly believe this will aid in job growth, as we have primarily only seen the public sector grow?
Think crypto is safe? Think again because this proposal wants to permit the government to determine which assets are considered actively traded.
“The proposal would add a third category of assets that may be marked-to-market at the election of a dealer or trader in those assets. Assets in the third category would be actively traded digital assets and derivatives on, or hedges of, those digital assets, under rules similar to those that apply 230 General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals to actively traded commodities. The Secretary would have authority to determine which digital assets are treated as actively traded. The determination of whether a digital asset is actively traded would take into account relevant facts and circumstances, which may include whether the asset is regularly bought and sold for U.S. dollars or other fiat currencies, the volume of trading of the asset on exchanges that have reliable valuations, and the availability of reliable price quotations.”
Forget offshore digital investments because Washington wants a cut of that too:
“Tax compliance and enforcement with respect to digital assets is a rapidly growing problem. Since the industry is entirely digital, taxpayers can transact with offshore digital asset exchanges and wallet providers without leaving the United States. The global nature of the digital asset market offers opportunities for U.S. taxpayers to conceal assets and taxable income by using offshore digital asset exchanges and wallet providers. U.S. taxpayers also attempt to avoid U.S. tax reporting by creating entities through which they can act. Requiring individuals specifically 228 General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals to report their offshore holdings of accounts with digital assets, subject to significant penalties if they fail to do so, is critical to combat the potential for digital assets to be used for tax avoidance.”
This proposal is LOADED with extreme restrictions and penalties for investors, both domestic and foreign.
They want to reform how companies pay dividends. They want to reform international taxation and reporting. The statute of limitation for financial penalties would be expanded, including the payouts the government lavishly handed out during COVID.
The proposal would increase the top marginal tax rate to 39.6% for married individuals filing a joint return and surviving spouses. Single filers earning $400,000 for unmarried individuals will face the highest tax penalties, as will those earning $425,000 for head of household filers, and $225,000 for married individuals filing a separate return. In comparison, the current top marginal rate for married filers is currently on those earning over $731,2000 and single filers earning over $609,500. So the cost of living is rapidly rising, inflation has no change of relenting during this time of ongoing wars, but the government wants to tax those earning less more?
So, if one sells their small business, they will need to give the government about half of what they worked their entire lives to achieve. If an American’s house rose in value and they attempt to sell the estate—too bad, Uncle Sam needs half. This is a MIDDLE-CLASS TAX. The ultra-wealthy already have ways to bypass these measures. The ultra-wealthy may begin leaving America in general if they continue to demonize capitalism.
The people did not create the deficit we face today. The government continually spends with no plans to curtail spending. They have created a massive Ponzi scheme whereby they issue new debt every year to roll over the debt from the previous year. Eventually, there will be no buyers, and that is precisely how nations fail.
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To address the nations looming debt, quit spending more and start taxing less. Pretty darn simple.
Looming debt? What are you, a moron?
There is literally NOTHING that can be done. The fed debt is what $35 trillion? Unfunded liabilities are another $200 trillion. There is something like $700,000 in debt or unfunded liabilities for every man, woman, and child in the US. That isn’t going to be paid off. Ever.
Looming debt my fat ass.
Good to see you ten toes up, chief. We just need to elect more Republicans to put create a budget Uncle Schlomo can live with… might need to refinance the country , tho’…. like my good Kentucky Conservative Cocaine Mitch said about funding three wars; a few hunnert’ billion ain’t even much money…. if Three Job Jack can handle a measly 700 grand of milk money debt, surely another 700 won’t hit him , too hard. I’m sure you’re good for yer’ share , right chief…Afterall, It’s a patriots duty to keep the bankers wars going, otherwise who’s gonna’ kill off the excess useless eaters…eeh?
Correct, It’s just a little more than $700k per person, $75.928 personal + $638,493 public = $714,421 total. Seems that for every dollar in debt an individual has for his own obligations, dot gov has liened almost 9 times that amount against him for public debt. If half of those individuals cannot even afford $200 for an emergency, the real debt per (solvent) citizen is twice that. Even worse is the federal debt to GDP ratio – it’s a measure of the current “carrying costs” for productivity, and now stands at a staggering 122.24%.
https://usdebtclock.org/
This is the biggest financial crisis in history.
I’d recommend reading the classic book titled ‘Unintended Consequences’ to get some ideas as to what really needs to take place with regard to these corrupt politicians!
Far too logical and easy for a democrat communist.
“A new 25- percent minimum income tax would be imposed on extremely wealthy taxpayers…
But the extremely wealthy have little earned income. Bezo and Warren Buffet both billionaires only have an earned incomes of below $100,000 dollars. Buffet is notoriously frugal, and Bezo has all his needs paid for and deducted by his business under the heading of security. He even applied for student grants for his son. No one in the US earns a billion dollars in earned income, which is what we pay income tax on. Capital gains is treat separately. Now Biden wants to raise that too. Biden even tried to tax unrealized gains, which is something that doesn’t exist, you can’t have a gain or loss until you sell. But the government would have been able to go after your home, your 401K or 403B and IRA.
There is no chance of it working anyway. Only reducing spending can save the US.
Estimates put the total wealth of America’s billionaires at $5 trillion, while the federal government spent nearly $7 trillion in the fiscal 2021, which ended Sept. 30.
“…you can’t have a gain or loss until you sell.”
Except you can borrow against it through.
Winner winner chicken dinner. That is how they have no income – borrowed money against assets.
Same scheme that Joe 81 million votes and his family have used to hide all their ill gotten gains. Joe “loaned” to James who “loaned” to Hunter all with no paperwork. Then the loan “repayments” come in, easy peezy, no income to pay taxes on.
They should be paying “imputed interest” to the IRS but surely are not. We the People would get railed for that in an IRS audit, however.
It is obviously very easy to fix by just cutting spending. The question is “why do they not stop spending”? It is historically shown that these plans ruin a country. That new boy Johnson is the same record over and over again. Standing up and saying no to your congressman is the first step towards salvation. He feels quite comfortable walking down the street. Will you get off your lazy ass and make hime uncomfortable? Nah!
It is past “cutting spending” as well. If they immediately balanced the budget, it would take, what, $3 trillion out of govt spending. It would throw the country into an immediate and enormous depression.
They live and breathe, Chief…and vote, too…smh.
Hey, you did not build that! It’s not your money anyway. The Fed govt prints the money so it is theirs! That is how libs/demos think. You earn the money; they take it and spend it as they see fit. You get zero input. Need proof, billions going to Ukraine, Israel, illegal immigrants, climate change, etc. Congress and the Pres. like to spend, spend, spend, money they do not have so of course they plan to take more of yours.
Actually I have no problem with this since nearly ALL the gains in your fake 401K index fund was bought and paid for with Taxpayer dollars via QE programs since 2009. So don’t think it was your brilliant market picks that managed to hit new highs during the last two years when we had the biggest stock outflows in history. LOL. We need to take some debt loads off future gens to pay for our toys and ill gotten gains. Better yet shut down these GD CB programs and maybe go back to a go market driven world inflation driven monopoly money.
“Taxpayer dollars”. Stop it, you are killing me.
You REALLY ought to be an American if you’re gonna talk THAT kind of shit.
ChodeGPT sez wot?
Well at least we’ve matched a user with his anonyfag moniker now.
Fix your OWN country, bloody P.O.M.E.
You’re a totally Anon glowbot, ChodeGPT.
First they spend your money using debt, and when they run up the debt, they tax you to pay for it.
Most of you sat around with your thumbs up your asses and did nothing while they ran up the debt, so don’t complain now when the bill comes due.
Being a Citizen comes with the responsibility to keep your government in line, and the American people have been derelict in their duties as Citizens.
When you get off your fat asses and march on Washington with pitch forks and ropes, things will change, but not until.
While the tax rate proposed by these Bolshevik bastards is ridiculous…the truth is, that soon there will be no financial investment that realizes a capital gain. Outside of cryptos, which I suspect suffer from the control matrix of government surveillance, the commodities markets, untethered from the S&P and DOW derivative markets, are the last vehicles that may generate income. It seems at the moment only PM’s in your possession are safe and anonymous?
I posted here 3 or 4 years ago: if one were to confiscate all of the money of all the billionaires in the US … it would fund the US Government for about 6 months … now, with the enormous budgets, etc., it’d likely be far less than that, even though the net worth of those individuals has risen.
It is the Goverment’s position that we ALL agreed to this debt by virtue of NOT STOPPING THEM for whatever reason. That reason doesn’t matter…only the agreement.
They will murder you for violating that perceived contract and hold themselves accountable for NOTHING. THEY are always right in their own minds. I’m sure you know a few yourselves.
If you WANT to communicate effectively with the greater of two weavils, you need to know how they think. These people fear NOTHING in their arrogance but their own deaths.
I just gave you the keys to the city. Do with them what you will.
ChodeGPT sez wot?
Fuck off llpoh. Is that how you pronounce ‘pogue’ in Australia?
Llpoh doesn’t even answer you, glowbot.
The most hard felt truth yet to be posted here.
GM
How to drain millions of accounts with no one noticing?
“DIED SUDDENLY” The movie.
Franklin Delano Roosevelt (FDR) increased federal income taxes every year from 1933 to 1939. What was the result? A deepening and lengthening of the Great Depression. AND it was done on purpose at the behest of the Mercantilists who picked up assets for pennies on the dollar. It’s the same playbook, people!
This cannot be allowed, of course. Nobody will invest in stocks anymore. Another commie plot by the communist.
If you have a fucking J O B, you’re investing in the stock market like it or not! It’s called a “401K”. Ringing any bells? They TAKE your earnings and “invest ” them for you…NEVER TO BE FUCKING SEEN AGAIN!
You chose your moniker well.
Bloodsucking looters?
If only somebody had warned us this could happen
Fellas fellas fellas. Come down to Madame LeVeau’s place and see how it’s done. Cat’s heads, brains scraped out, three WHOLE newts per head, rats, lots of rats, whole, some baby blood, just a touch, virgin oak bark and pumice stone, wolfbane and turmeric with nightshade and wormwood all stirred together in a pot with a fifty fifty mix of water and stud horse piss. You’ll soon be on your knees and taking nourishment, out of debt and in the berries as they say.
Easy peasy supposedly racist comment, or in the modern day, lemon squeezy.
Debt and deficit are become literally irrelevant. Eat. Now. Drink. Now. Smoke ‘em if you got ‘em. Now. Use dope. Now. Have sex. Now. Do what you want. Now.
Tomorrow isn’t coming. If you don’t do it now it won’t get done. Time is very short, but we can never know when the other shoe drops so we either put off doing or don’t put off doing. Choose one, the other, or none. Whatever you choose you’ll be at least part wrong.
In the Quarter, follow the signs.
Government debt to zero…pay all of it with new debt free dollars at current market value of Treasuries, about $28 trillion I figure….back it all with gold…revalue gold to about $60,000 to back new currency. …abolish income tax, IRS and Fed….Institute a 15% sales tax on all but food and clothing and establish tariffs, to fund some military….shut down agencies like Argentina just did….Abolish US Constitution…re-adopt Articles of Confederation, President serves one year, no standing Congress….
In Australia they started something similar. Land Tax from owners of second property’s. They want starting from $500 per Year for any property over 50K in Victoria.
Under the MMT there is a need to (heavily) tax all the entities benefiting from the MMT. Otherwise those will grow infinitely rich. You think all the stock gains showing on your brokerage statement are the organic result of genuine economic activity? Think again. Were it not for money printing, there would be no gains at all.
Stop being a “taxpayer”. Learn to read and understand Title 26 US Code Internal Revenue. It is proof that they are not your government! It is proof that they are your enemy! It is proof that they are waging war against you!
Seek the truth. Government is communism. Government implements and enforces communism. This government is a Satanic religion run by organized crime. Always has been.
fake jews and their usury.