this post was submitted on 31 Aug 2023
139 points (100.0% liked)

United States | News & Politics

7119 readers
692 users here now

founded 4 years ago
MODERATORS
top 13 comments
sorted by: hot top controversial new old
[–] TenderfootGungi@lemmy.world 22 points 1 year ago (1 children)

Capital gains should simply count as income for tax purposes.

[–] Corkyskog@sh.itjust.works 2 points 1 year ago (1 children)

I would be fine if there was a mandatory 5 year holding period before you could get a light tax break. It is smart to incentivize investment activities.

[–] WetBeardHairs@lemmy.ml 5 points 1 year ago (1 children)

There is. Capital gains taxes are broken into two categories - short term and long term. But stocks transition to long term after only six months and the tax brackets are better than that for normal income.

[–] Corkyskog@sh.itjust.works 1 points 1 year ago (1 children)

6 months is nothing though, just two quarters. It still incentivizes CEOs to make short term decisions. 5 years is a decent time frame that I think would make CEOs rethink the quarterly mentality.

[–] WetBeardHairs@lemmy.ml 2 points 1 year ago

Yeah, I dislike the simplification that brings it down to just two sets of brackets. It really just needs to be an easily tuneable continuous function of profits and time. If you make a fuckton of profit, you'll pay a fuckton of tax. If you wait longer, you pay less tax. If the profit is small enough, guess what? No tax. So the middle class day traders wont lose their ass and they can have some fun. But the whales are going to have to fear Captain Tax Man Ahab, regardless of if they wait 6 months or not.

But I dont make the laws. Wallstreet does.

[–] Mrcheesle@lemmy.world 18 points 1 year ago

That means a total sale of over $12B in assets by 3190 people (and expected to increase with 2500 that haven’t filed yet); ~ $3.8M each. Crazy for just WA state.

[–] Rom@hexbear.net 15 points 1 year ago (1 children)

Wait you mean taxing the rich actually works? surprised-pika

[–] Moyer1666@lemmy.ml 2 points 1 year ago

Crazy right?

[–] MisterChief@lemmy.world 5 points 1 year ago (1 children)

So is this total sales for the year exceeding $250k or a single transaction. My guess is the total for the year but the article doesn't specify.

[–] MonsiuerPatEBrown@reddthat.com 2 points 1 year ago* (last edited 1 year ago)

It is an annual tax if you create capital gains every year.

The measure passed in 2021 imposed a 7% tax on the sale of stocks, bonds and other high-end assets in excess of $250,000 for both individuals and couples.

The tax took effect Jan. 1, 2022. First payments are due on or before April 18.

and

Retirement accounts, real estate, farms and forestry were all exempt from the tax. Business owners were also exempt from the tax if they are regularly involved in running the business for five of the previous 10 years before they sell, own it for at least five years, and gross $10 million or less a year before the sale.

and

Under the new law, taxpayers could deduct up to $100,000 a year from their capital gains if they made more than $250,000 in charitable donations in the same tax year, something Huber cited in his ruling, noting that like “an income tax and unlike an excise tax, the new tax statute includes a deduction for certain charitable donations the taxpayer has made during the tax year.”

is all from an article linked from the article.

https://www.king5.com/article/news/local/olympia/supreme-court-ruling-capital-gains-tax-washington/281-ba3293e4-87b1-4965-bb41-b8e567080d0f

[–] Ho_Chi_Chungus@hexbear.net 4 points 1 year ago (1 children)

Good. Maybe now they can bring down the regressive sales tax. Or maybe even bring down the massive liquor tax so I'm not paying $20 for an $8 handle of vodka

[–] bronzle@lemm.ee 1 points 1 year ago
[–] Fuckass@hexbear.net 1 points 1 year ago

They’re gonna reinvest that into the community right anakin-padme-2