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Biden/Harris Potential Legislative/Policy Agenda Discussions


goskins10
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As a guy who scoffed at the idea of Biden being president (still voted for him), the guys is doing a phenomenal job so far. At this rate, he might be considered one of the great presidents of history. That clearly didn't jinx anything...

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1 hour ago, PleaseBlitz said:

At least he doesn’t think everyone is dumb enough to buy “it’ll pay for itself” like the last guy. 

The best part is when you run into one of those believers, you start talking about  4% gdp growth and consensus Econimic forecasts and their eyes glaze over

might as well be speaking Chinese 

Edited by tshile
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How about "tax capital gains as regular income for everybody"?  

 

I'm pretty sure that the vast majority of capital gains that ordinary people receive are tax exempt already.  (Either on a primary residence, or in a retirement account.)  

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11 hours ago, Simmsy said:

As a guy who scoffed at the idea of Biden being president (still voted for him), the guys is doing a phenomenal job so far. At this rate, he might be considered one of the great presidents of history. That clearly didn't jinx anything...


https://www.google.com/amp/s/nextshark.com/standing-next-ugly-person-makes-attractive-study-finds/amp/


 

Cursive font for reasons

Edited by CousinsCowgirl84
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57 minutes ago, Larry said:

How about "tax capital gains as regular income for everybody"?  

 

I'm pretty sure that the vast majority of capital gains that ordinary people receive are tax exempt already.  (Either on a primary residence, or in a retirement account.)  

 

I think you have a good point on principles of the policy, but I think Biden is rightly focused on the messaging of it.  If there's a tax hike for individuals, you know that's gonna be the talking point till kingdom come.  "OMG, BIDEN IS RAISING TAXES ON THE RICH AND CORPORATIONS" doesn't quite have the same pizzazz.

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2 hours ago, Larry said:

How about "tax capital gains as regular income for everybody"?  

 

I'm pretty sure that the vast majority of capital gains that ordinary people receive are tax exempt already.  (Either on a primary residence, or in a retirement account.)  

 

You are probably right where if it's your primary residence the first $250k ind (married is $500k) is exempt. I see no reason to change that really. In fact I might even increase it to $500k and $1M respectively.

 

For other assets like it's not your primary residence or other assets, the chart shows the Capital Gains tax rates for 2020 (single filers). I would expand the lower end but increase the rate at the higher end. Something like: 

 

0 - $100k = 0%

$100K - $250k = 15%

>$250k - $1M = 25%

>$1M = 35%

 

That is just off the top on my head. Might not be the right mix but you get the idea. Just a thought. 

 

image.png.1576f78d63dd35b2cecbb38e0efda91a.png

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3 hours ago, Larry said:

How about "tax capital gains as regular income for everybody"?  

 

I'm pretty sure that the vast majority of capital gains that ordinary people receive are tax exempt already.  (Either on a primary residence, or in a retirement account.)  

Maybe I'm missing something but I thought the emphasis on wanting to "tax capital gains as regular income" is referring mostly to the tax on Long Term Capital Gains (LTCG) from the sale of stocks. Currently, the maximum tax rate is 20% with the lowest rate at 0%:

 

Income            Rate

<$40,000           0%

<$441,450      15%

>$441,450      20%

 

Federal income tax rates are from 10% to 35%. 

image.png.9736ad93be2b015d932eea82034efa18.png

 

https://www.kiplinger.com/taxes/tax-brackets/602222/what-are-the-income-tax-brackets-for-2021-vs-2020

 

Edi: I see GoSkins10 beat me to it...😀

Edited by EmirOfShmo
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16 minutes ago, EmirOfShmo said:

Maybe I'm missing something but I thought the emphasis on wanting to "tax capital gains as regular income" is referring mostly to the tax on Long Term Capital Gains (LTCG) from the sale of stocks.

 

My reasoning for "tax capital gains like ordinary income" is that $5,000 is $5,000  Whether it comes from the stock market, cashing in your stock options, selling guns on eBay, gambling winnings, or working overtime at your job.  

 

 

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Capital gains on 401ks isn’t exempt, it’s deferred to when you draw on it. 
 

I, personally, would like to see income generated by moving money around taxed higher than income that comes from actually going to work and producing something. 
 

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If you are going to change the capital gains tax, you don't have to start with what they are currently and make modest changes.  You could say the gain on the sale of a primary residence is exempt, you could say the first $X per year is exempt and you could say short term vs. long term are different rates (and refine what short term and long term means).  All of the above should be done to ensure that the middle class is minimally impacted.

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https://www.washingtonpost.com/us-policy/2021/03/30/biden-infrastructure-plan-jobs/

 

Biden’s infrastructure and climate plan emerges as congressional wrangling begins

 

Quote

The White House on Wednesday is expected to unveil a plan to spend $2.25 trillion on a jobs and infrastructure package that could form a cornerstone of President Biden’s economic agenda, two people familiar with the matter said.

 

Biden’s plan will include approximately $650 billion to rebuild the country’s infrastructure, such as its roads, bridges, highways and ports, the people said. The plan will also include in the range of $400 billion toward home care for the elderly and the disabled, $300 billion for housing infrastructure and $300 billion to revive U.S. manufacturing. And it will include hundreds of billions of dollars to bolster the nation’s electric grid, enact nationwide high-speed broadband and revamp the nation’s water systems to ensure clean drinking water, among other major investments, the people said.

 

White House press secretary Jen Psaki has said the proposal will be paid for in new tax hikes, particularly on corporations, seeking to reverse much of President Donald Trump’s 2017 tax law, the people said. The plan will also include approximately $400 billion in clean-energy credits on top of the $2.25 trillion in new spending.

 

The plan, which Biden will introduce in Pittsburgh on Wednesday, forms one part of the “Build Back Better” agenda that the administration aims to introduce. Psaki has said the administration within weeks will introduce a second legislative package. That second package is expected to include an expansion in health insurance coverage, an extension of the expanded child tax benefit, and paid family and medical leave, among other efforts aimed at families, the officials said.

 

White House officials have not explained whether they will seek to have both efforts pass at the same time or try to get Congress to approve one first. The combined price tag of the plans could top $4 trillion.

 

Bold. 

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A random sidenote: I saw in a WH Briefing Jen Psaki say that if someone tried to name an "Infrastructure Week", it would be over her dead body...  LOL  I thought that was awesome on so many levels! 

 

Shows her very keen awareness of her job and messaging and that it's clear she can speak for the administration without feeling like she will get thrown under a bus by the President. 

 

 

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Broadly, I highly approve of a big infrastructure investment and the tax policies therein.

 

Specifically, I can assure you that, if our healthcare costs continue to rise at current rate AND we get a 28% corporate bump, it’s gonna put a big squeeze on scrappy, little, suburban car dealerships by 2024.

 

Maybe we can make up the difference selling used Ram 2500s to contractor guys stacking those Biden Bucks?  Which has been done before.  Trust.

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A bill that ushers nationwide redevelopment +  shutters offshore tax havens + mandates “Made in America”. 
 

Pretty much all the populist stuff Trumpists gushed over. Something tells me all that populism won’t be lining up behind this MAGA red meat bill. 

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1 minute ago, No Excuses said:

A bill that ushers nationwide redevelopment +  shutters offshore tax havens + mandates “Made in America”. 
 

Pretty much all the populist stuff Trumpists gushed over. Something tells me all that populism won’t be lining up behind this MAGA red meat bill. 


And is expressly designed to harm China. 

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