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Old 07-25-2021, 12:58pm   #1
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Default "American Families Plan" screws Ca and all

Combined Capital Gains Tax Rate in California to Hit 56.7 Percent Under Biden Plan

By The Center Square
July 25, 2021 Updated: July 25, 2021

biggersmaller Print

The combined state and federal capital gains tax rate in California would rise from the current 37.1 percent to 56.7 percent under President Bidenís American Families Plan, according to a new study from the Tax Foundation.

That increase, which would include federal, state and local taxes on financial gains from the sale of assets in California, represented the highest levy among the 50 states, the Tax Foundationís analysis said.

Nationwide, the combined average capital gains tax rate would amount to an estimated 48.4 percent under the presidentís proposal, with the top federal tax rate increasing to 43.4 percent, according to the report. That compares to the current combined average rate of about 29 percent, the study said.

A total of 13 states would have a top combined capital gains tax rate above 50 percent if Bidenís blueprint to help U.S. families with education costs and child care were to become law, according to the Tax Foundation.

Under a foundation tax model, the nationís gross domestic product would drop 0.1 percent in the long term if the top capital gains tax rate were increased to 39.6 percent. Federal revenue would also decline, the study said, under this scenario.
Combined Capital Gains Taxes Under Biden Families Plan
Rank State Top Capital Gains Rate (Current Law) Top Capital Gains Rate (Proposed)
1 California 37.1% 56.7%
2 New York 34.7% 54.3%
3 New Jersey 34.6% 54.2%
4 Oregon 33.7% 53.3%
5 Minnesota 33.7% 53.3%
6 Vermont 32.6% 52.2%
7 Hawaii 31.1% 50.7%
8 Maine 31.0% 50.6%
9 Connecticut 30.8% 50.4%
10 Idaho 30.7% 50.3%
11 Nebraska 30.6% 50.2%
12 Montana 30.6% 50.2%
13 Delaware 30.4% 50.0%
14 West Virginia 30.3% 49.9%
15 Arizona 29.8% 49.4%
16 Rhode Island 29.8% 49.4%
17 Georgia 29.6% 49.2%
18 (tie) Maryland 29.6% 49.2%
18 (tie) Virginia 29.6% 49.2%
20 Kansas 29.5% 49.1%
21 Missouri 29.2% 48.8%
22 Wisconsin 29.2% 48.8%
23 North Carolina 29.1% 48.7%
24 Iowa 32.3% 48.6%
25 (tie) Kentucky 28.8% 48.4%
25 (tie) Massachusetts 28.8% 48.4%
25 (tie) Mississippi 28.8% 48.4%
25 (tie) New Hampshire 28.8% 48.4%
25 (tie) Oklahoma 28.8% 48.4%
30 (tie) Illinois 28.8% 48.4%
30 (tie) Utah 28.8% 48.4%
32 Ohio 28.6% 48.2%
33 Colorado 28.4% 48.0%
34 Michigan 28.1% 47.7%
35 South Carolina 27.7% 47.3%
36 Louisiana 29.8% 47.0%
37 New Mexico 27.3% 46.9%
38 Indiana 27.0% 46.6%
39 Pennsylvania 26.9% 46.5%
40 Alabama 28.8% 46.4%
41 Arkansas 26.8% 46.4%
42 North Dakota 25.5% 45.1%
43 (tie) Alaska 23.8% 43.4%
43 (tie) Florida 23.8% 43.4%
43 (tie) Nevada 23.8% 43.4%
43 (tie) South Dakota 23.8% 43.4%
43 (tie) Tennessee 23.8% 43.4%
43 (tie) Texas 23.8% 43.4%
43 (tie) Washington 23.8% 43.4%
43 (tie) Wyoming 23.8% 43.4%

Source: Tax Foundation

https://www.theepochtimes.com/combin...n_3916947.html
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Old 07-25-2021, 1:04pm   #2
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ICNLT.

I hope that all the assholes who voted for the incompetent asshole are happy with their choice. Assholes.
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Old 07-25-2021, 2:07pm   #3
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SO, if I made say ten grand in the stock market on some tech buy......

Floriduh region would want a total of 25% of the gains......but under this new confiscation law....the taxes would be about 50%......YGTBFKM.....

gamble the bux on some 'investment' and pay 1/2 to the .gov artists....yeh, right......

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Old 07-25-2021, 2:16pm   #4
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ICNLT.

I hope that all the assholes who voted for the incompetent asshole are happy with their choice. Assholes.
people caught up in cults rarely understand/admit the obvious. Instead, they spew a sentence that the cult tells them to say in rebuttal (that totally misses the original fact being discussed). They try to side-track the subject, somehow putting you on the defensive.
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Old 07-25-2021, 2:31pm   #5
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California - most ****ed up liberal state in every way possible.

But the weather is nice.

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Old 07-25-2021, 2:42pm   #6
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Sign on to enrich government and they will use the money against you. Nothing new there. But now you know how libs plan to pay for the theft of our freedom.
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Old 07-25-2021, 2:45pm   #7
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ICNLT.

I hope that all the assholes who voted for the incompetent asshole are happy with their choice. Assholes.
They would eat the corn in his stool just because the MSM tells them to.
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Old 07-25-2021, 2:45pm   #8
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California - most ****ed up liberal state in every way possible.

But the weather is nice.

Well, they just passed a statewide guaranteed income law. That's going to fix everything. Just you wait and see
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Old 07-25-2021, 3:00pm   #9
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Well, they just passed a statewide guaranteed income law. That's going to fix everything. Just you wait and see
Worked so well for Rome.
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Old 07-25-2021, 3:59pm   #10
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Wealth transfer.

Private property rights are gone entirely at this point. We are ever inching to a complete government take over of the private sector.


Good job Democrats. You have ruined prosperous meritocracy because of your lust for power.
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Old 07-25-2021, 5:39pm   #11
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ICNLT.

I hope that all the assholes who voted for the incompetent asshole are happy with their choice. Assholes.
I lived there on and off for over half of my life and I can't understand it. It's a wonderful place to live, except for the smothering government and insane taxation system that said government places on the citizens. It is indeed a transfer of wealth that's happening, except for the political elite who are writing the legislation.

I'm really hoping that the place does not self-implode, as I have many friends that are still there. Also CA is not homogeneous at all. There are areas, like where NAV lives that are 180 degrees out of what non-CA people believe the state looks like. There's actually a documentary out that talks about how "white" my last town in CA is.

I would move back in a second if the government got their shit together, but that's not likely to happen.
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Old 07-26-2021, 4:36pm   #12
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Now these entitled ****s are suing the state of Florida because Florida eliminated the extra 300 bucks a month.

What a bunch of ****s.
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Old 07-26-2021, 4:46pm   #13
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Now these entitled ****s are suing the state of Florida because Florida eliminated the extra 300 bucks a month.

What a bunch of ****s.
Several states have seen lawsuits i believe..
1st step get them all hooked on govt money.. Step 2 they do what you say no matter what... Hmmm sounds familiar.
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Old 07-26-2021, 8:33pm   #14
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Several states have seen lawsuits i believe..
1st step get them all hooked on govt money.. Step 2 they do what you say no matter what... Hmmm sounds familiar.
Coward piven..

https://en.m.wikipedia.org/wiki/Clow...Piven_strategy
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Old 07-27-2021, 7:53am   #15
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That type of thinking and reasoning, comes from a diseased mind. A mind that cannot follow it to it's logical conclusion. The social and economic collapse of the society that follows that path is the only end possible.
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Old 07-27-2021, 1:01pm   #16
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* Cloward

Sounds like Universal Basic Income under another name.
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Old 07-27-2021, 2:36pm   #17
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Biden obviously doesn't care about the second or third order affects of plans like this. You can't say they don't know any better...they ****ing know!

Why would anyone invest in ANYTHING anymore? Play the stock market and make money...half of your profit taken by the gov't PLUS some. Try and flip property...half your profit gone. The real trouble is going to be the stock market. People will pull their money out of stock so fast it could crash again. People (especially billionaires and other rich folks) won't stay incentivized to keep putting money into stocks when they lose over half their profit to tax. It's already risky...under the new plan, the "reward" will no longer exceed the "risk threshold."

Biden could care less though. They're hell bent on moving to Communism and this is their pieces moving on the chess board to get us there.
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