The capital gains tax applies only to individuals and profits above $250,000 per year, according to the state’s Department of Revenue. The tax does not apply to real estate or assets held in retirement accounts.
As with every single historical case ever, "for now". Sure, now it's 250k/year. 5 years from now, it will be 200k per year (assuming we don't Weimar our way to 250k being minimum wage), then 100k, then everyone.
Sure an employer-matched 401k, 403b, or Roth IRAs is probably the smartest choice for most people but these taxes punish people who want to manage their retirement on their own with mutual funds or other investments.
I remember reading that the initial income tax proposal was just a few %, and people were outraged over the idea.
It was a couple percent on the top 1% of earners, just to pay for war preparations and military upkeep. Don't worry, commoners, it will never affect you.
401k and IRA contributions have limits. If you have good income and are serious about saving you will run into them.
If you're a billionaire and able to get a line of credit on your portfolio at 3% to pay expenses without selling shares, you will never run into this tax. Warren Buffet, Elon Musk, et al will never be affected by this. If you're a doctor or lawyer who isn't wealthy enough to get those sub-prime rates on equity lines of credit, you will.
the original income taxes in the 1800s got slaughtered by SCOTUS, but when the first one that didn't get overturned passed congress, it was only on the ultra rich. 10 years later, they lowered the threshold to cover half the population. since then, the tax rate has only gone up as more and more things become taxable.
really all this does is make it so company owners also have a marketing arm that pays a shitload to a lifestyle agency and the owners are the beneficiary, deducting practically everything.
The initial proposals were on 25k a year. They walked it back to 250k, and now that they got the Court's stamp they'll be moving the line back to 25k with a quickness.
As with every single historical case ever, "for now". Sure, now it's 250k/year. 5 years from now, it will be 200k per year (assuming we don't Weimar our way to 250k being minimum wage), then 100k, then everyone.
Thanks to inflation they don't even have to change the limit.
Sure an employer-matched 401k, 403b, or Roth IRAs is probably the smartest choice for most people but these taxes punish people who want to manage their retirement on their own with mutual funds or other investments.
I remember reading that the initial income tax proposal was just a few %, and people were outraged over the idea.
It was a couple percent on the top 1% of earners, just to pay for war preparations and military upkeep. Don't worry, commoners, it will never affect you.
401k and IRA contributions have limits. If you have good income and are serious about saving you will run into them.
If you're a billionaire and able to get a line of credit on your portfolio at 3% to pay expenses without selling shares, you will never run into this tax. Warren Buffet, Elon Musk, et al will never be affected by this. If you're a doctor or lawyer who isn't wealthy enough to get those sub-prime rates on equity lines of credit, you will.
the original income taxes in the 1800s got slaughtered by SCOTUS, but when the first one that didn't get overturned passed congress, it was only on the ultra rich. 10 years later, they lowered the threshold to cover half the population. since then, the tax rate has only gone up as more and more things become taxable.
really all this does is make it so company owners also have a marketing arm that pays a shitload to a lifestyle agency and the owners are the beneficiary, deducting practically everything.
That's like an obese landwhale telling you she'll only eat a spoonful of that tub of ice cream. Do you really believe it?
Yes. Her spoon is bigger than a bucket loader, though.
The initial proposals were on 25k a year. They walked it back to 250k, and now that they got the Court's stamp they'll be moving the line back to 25k with a quickness.