Biden’s tax hike announcement causes stock market distress

The Stock Market took a sharp turn downward after news broke that President Joe Biden planned to hike capital gains tax to 43.4 percent for top earners, Breitbart News reported.

Talk of the almost 100 percent increase broke on Thursday, according to Bloomberg, who also reported that U.S. stocks fell in nine out of 11 sectors overall.

The S&P lost all its gains of the day and closed down .5 percent, while real estate and health care managed to maintain their territory by hanging onto an overall positive outcome.

The announcement explained that a rate of 39.6 percent would apply to wealthy taxpayers with incomes over one million dollars, and when combined The 3.8 percent investment income tax that funds part of Obamacare would also apply, bringing to top rate to 43.4 percent according to Breitbart.

Biden also announced that he is leaning toward the idea of raising the tax rate for those making more than $400,000 to 39.6 percent

This would increase from the reduction that took place in Trump’s Tax Cuts and Jobs Act which took the rate to 37 percent down from 39.6 percent, which is where it had been since 2013.

“Capital gains rates apply when an asset—such as a house, shares of stock, a business—that has been held over a year are sold for a gain,” Breitbart News reported.

“The current capital gains tax rates are 0 percent for a married couple earning less than $80,000, 15 percent for couples earning more than $80,000 and less than $496,000, or 20 percent for wealthier households.”

The new proposed rules would additionally mandate that a married couple filing jointly must pay the investment income tax of 3.8 percent if their combined income crosses the $250,000 threshold.

 
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54 Responses

  1. If the fbi try to arrest you, get word out to state police or local police or you may disappear…
    Killary and nazi dems own the fbi…..

  2. We are at war
    Hitler used the same playbook…..
    The worst is coming…..
    Biden’s nazi attack, Hitler years are months for Biden…
    The German Nazis are blitzkreig across France at this time, the death of Jews has started, look at Biden’s antifa and blm……. crack hate, burn hate kill, like Hitler

  3. We all are having our post blocked
    Over and over…..
    I make mine short, google allows them blocked 4/5

    The gestapo nazi party at work…..

    1. Sure it is Google?????
      Discus in the land of fruits and nuts is by far the worst! They try to block my facebook all the time!!!! Little bitty ooutfit,less than 30 employees is supposed to take over censorship for Facebook, Twitter, Google etc….. I smell a demoncRAT in the woodpile!!!

      Looks like Discus was created to shield the biggies from lawsits!!!!!!!

  4. Hitler set up the Jews, like Biden and his brown shirts set up whites and cops
    Hitler conned the people, like Biden is lying to Americans
    Hitler hid his dictator rule at first from the people,
    Like furher biden is showing who is the real racist dictator……..

  5. I totally agree with all that was said! No, you can’t fix stupid, but biden’s mentally retarded! They couldn’t win the election, so soros helped get it done. A dumb looking old bastard like soros should be in a federal penitentiary! America is screwed, unless we the people stand up and raise hell! I hate to say it, but a civil war is very possible!

  6. We all thought Obama was bad, that he made the peanut farmer look like a diplomat. However, hiding Biden makes Obama look like a rocket scientist. Biden has ruined ALL of the good that our Wonderful President Trump has accomplished. Biden should have left the border alone. President Trump left that in excellent shape with waiting in Mexico for the illegal aliens.

    1. Richard…..This is my 3rd time they have mask my post. I’ve written the admin a letter but never heard back. I am thinking this site could be monitored by the left and are data miners. Who knows but i eill delete this site now.

  7. Democrats are political slave owners
    They control guns, freedom, speech, education, and health, and jobs anything else they can destroy. They are not what your parents or grandparents voted for in the past. They are evil money greedy SOB

  8. We must get the Democrats out of office. In 2022 every responsible person must make their vote count. In 2024 the same thing. Get Biden and his communist democratic bunch, who are not at all democratic out and replace them with sensible, honest politicians who will do what is right for America.Joe

  9. Remember that when citizens have their guns taken away they are no longer citizens – they become subjects.

  10. So are they going to text themselves 39.9% because every politician in Congress makes over $1 million or they going to weasel out of it because they are the government I thought the idea of serving the people was just that but their idea is the people serve them

  11. This is why the 2nd Amendment was written, knowing that free citizens would eventually need to protect themselves against a predatory and autocratic government. And this is why the Biden Admin is working so hard to overturn the rights granted thereby.

    1. Ted R i want someone to start kicking in my door to take my guns someone is going to die i don’t know who is on the other side of the door trying to break in my house they may want to kill me

  12. They spent and are spending like drunken sailors and now they put it on the backs of us. Are there any normal democrat people out there that can defend any of this? Half the EOs are unconstitutional on the face of it. The Hr1 bill (so terrible) is unconstitutional, The Dc statehood bill is unconstitutional. The infrastructure bill is not about infrastructure. Its about the fake Climate panic the Dems and media have tried to gin up. Virtually everyone of these bills discriminate against one group of people or another. While they want to stick it to rich people, rich people have the means to avoid paying higher taxes because they can move their citizenship and there are so many loop holes in our tax system they won’t pay any of it. To not reform the tax system (designed by rich people) means someone else pays the bill. Where do you think the cost will fall?

  13. Green New Deal – an absolute hoax to scam American ppl & put more
    Money in snake politicians pockets!!!
    Lots jobs open borders tax hikes illegals before US citizens stolen votes stolen election =
    STOLEN VOICES!!! Watching this illegitimate man DESTROYING OUR COUNTRY DAY AFTER DAY!!!

  14. I am so upset with this liberal agenda. They have caused this country more harm in 100 days than any other President in history. Joe has no clue what he’s doing and Kamala is an idiot. Then you add in Pelosi and It’s just a mess. I’m afraid we will be at war within a year.

  15. It’s the “I hate America” criminal cabal, headed by Obama and his treasonous minions ..Biden is NOTHING and never has been anything but a puppet and a mouthpiece for traitors, S!! Of whom need to be guillotined.

  16. This is the EXACT reason why the Liberal DemocRAT’s, their candidates, and their “programs” need to be strongly voted down and out in 2022!!! If they want a Civil War, they’ll get one which will send them running to mommies basements with pee and poop running out of their diapers……

    1. I agree with Bill you can’t fix stupidity but you can vote it out in 2022 and 2024 and that is Biden’s Administration

  17. Biden has no idea what he is doing, he still hasn’t taken care of the crisis at the border along with other issues that are more important to the average American a very poor president who is out to ruin this nation

    1. The whole Democratic Party needs to be brought up on charges for crimes against America!! Plain and simple they are putting every American in danger letting all the illegals in this country !!

      1. Deport the entire Democratic Party and all the woke pieces of filth with them then completely seal the border! Getting our country back to Making America Great Again

      1. Biden is the Grand Wizard of Blahs on the Demoncrat Party Plantation and with him in power America has one in the grave and the other one on a banana peel.

    2. Robert Gates said it best about “Bite-Me Biden”….Then Secretary of Defense, Gates, of Biden, he has never been on the correct side of anything in his entire career as an attorney or as a politician, that he didn’t seem to plagiarize from some else first, just to make himself look better or fill his own wallet……………In much fewer words,……….here, let me paraphrase, all of this for you, so there can be no doubt , it’s a military term that is used that best describes Biden entirely, “He is as f**ked up as a soup sandwich”, ever try to eat a soup sandwich…..first you take a slice of bread and lay it on a plate, then you pour hot off the stove soup on the slice of bread you put on that plate, then you top it off with another slice of bread…….then pick up that sandwich and try to eat it….as most folks with even an ounce of gray-matter between their ears would be able to figure out, ….you would have a real mess on your hands as well as being scalded……that is exactly what Joe “Bite-Me” Biden is,…an absolute mess….!!
      In the future true history of what will be left of The United States of America, after Communist Joe and his Communist ilk are through with it, Joe will be written into those annals of history, directly above one of this county’s most treasonous POS, Benedict Arnold, and when he squatted over a chamber pot, what he left in the pot, was none other than, Biden!!

      1. Amen to what you are saying Hank . So very right and we are definitely in deep Sh** with this A–hole and his bunch in the WH

    3. There was no crisis at the boarder when Biden stole the office of president. Biden caused the crisis and so he has no idea how to stop what he caused. Biden is practically brain dead . He has no business being where he is and simply cannot handle it so we all have to suffer the consequences of Biden bien there. Not honest , not fair but it is what it is unfortunately.

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