HEHEHHE SUPOSEDLYYYYYYYYYYYYYYYYYYYYYYYYYYYY
ANd not sure how many shares ya HOLD HERE but what if if if this hit 1 $ are you THEN IN THAT CLUB!!!!!!!!!!!!!!!!!!!! I darn sure would be with XX,XXX,XXX shares here, AND WAY OVER THE 1 MILL mark, hell even @ .10 I would be
Also I think his lower limit is now in the 400K range and those making a MILL or more could see 43%
Biden’s Top Marginal Capital Gains Tax Rate Would Be Highest in OECD
July 6, 2021
Clifton Painter
President Biden’s proposal to tax capital gains at higher, ordinary income tax rates would lead the U.S. to have the highest top marginal tax rate on capital gains in the Organisation for Economic Co-operation and Development (OECD). The proposal would tax long-term capital gains as ordinary income for taxpayers with taxable income above $1 million and raise the top marginal income tax rate to 39.6 percent.
When combined with the 3.8 percent net investment income tax (NIIT) and average top state capital gains tax rates, the proposal would lead to a top combined rate of 48.4 percent—significantly higher than the current 29 percent rate.
Most OECD countries, including the U.S, levy taxes on capital gains when the gain is realized, or when an asset is sold for a profit. Capital gains taxes vary based on an investment’s holding period, type of asset held, and taxpayer’s income level. Many countries seek to incentivize long-term saving by providing a lower tax rate or a partial exemption on long-term gains.
In the U.S, short-term capital gains (held for less than one year) are taxed as ordinary income. Long-term capital gains (held for more than one year) are taxed at lower rates, ranging from 0 percent to 20 percent, plus a 3.8 percent NIIT, depending on an investor’s income. In addition to these federal taxes, states tax capital gains at an average rate of 5.2 percent, resulting in the 29 percent top combined rate.
The top marginal tax rate on long-term capital gains in the OECD is 19.1 percent. Eight OECD countries levy higher rates than the U.S, while Denmark applies the highest top rate of 42 percent.
The Biden administration’s proposal would make the U.S. top capital gains rate an outlier within the OECD at 48.4 percent, joining only two other countries with rates at or above 40 percent.
Top combined capital gains tax rate under Biden Tax Plan, Biden Capital Gains Tax Rate OECD
