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In reply to the discussion: FAIL. Obama LOWERED Capital Gains Tax from 40% to 20%! [View all]jeff47
(26,549 posts)42. It would have raised more revenue, but would have been more regressive
The tax credits for the poor would have also ended if there was no deal, raising their effective tax rate much more than the headline number.
it, in fact, did not raise ANY taxes and instead lowered them from the already higher rates that automatically took effect at midnight on January 1, 2013, after we had already gone off the fiscal cliff.
False. The $400/450k bracket is 39.6%, and would be 39.6% without a deal. In addition, capital gains taxes are higher than with no deal, which affects that bracket significantly.
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Do you have a link to that data other than one of your own posts, like from the CBO, or the
grahamhgreen
Jan 2013
#85
They are right. The Capital Gains rate used to be 25%. The rate was decreased to 20%
bluestate10
Jan 2013
#128
What it appears is that when the "Budget Control Act of 2011" went into effect at Midnight on the
grahamhgreen
Jan 2013
#38
"No deal" would have raised more taxes and resulted in a more progressive tax system.
W_HAMILTON
Jan 2013
#24
Your two-sentence responses aren't doing very much to further your position or this discussion.
W_HAMILTON
Jan 2013
#45
You think it is a good idea that the average middle class family would pay $2000 more in taxes per
stevenleser
Jan 2013
#50
If simply paying more taxes than you were before means a deal is not progressive...
W_HAMILTON
Jan 2013
#55
Hurting the middle class so we can also hurt the wealthy at the same time is not Progressivism
stevenleser
Jan 2013
#56
Exactly. And I think some who claim to be progressive are really just vindictive towards wealth.
phleshdef
Jan 2013
#59
The payroll tax holiday was a temporary stimulus measure and has zero to do with a progressive code.
phleshdef
Jan 2013
#78
No one wants to "hurt poor and/or middle class people" and for you to suggest that
rhett o rick
Jan 2013
#146
It's not intellectually dishonest, it's right on point considering the feedback here. We won this
stevenleser
Jan 2013
#149
No cuts in SS is not a victory. This is a good example of where some Democrats are today.
rhett o rick
Jan 2013
#150
Wrong. The payroll tax cut as a long term tax cut would harm solvency of Social Security.
phleshdef
Jan 2013
#58
Obama was going for $1,600,000,000,000 of revenue -- "compromised" on about 1/3 that much
BlueStreak
Jan 2013
#81
I'm done at the word "backbone". Its being overused by a bunch of keyboard warriors....
phleshdef
Jan 2013
#83
Well, that's the first thing I'll agree with you on: the title of your post.
W_HAMILTON
Jan 2013
#123
It went up significantly less than it would have had nothing been done.
Egalitarian Thug
Jan 2013
#69
You are wrong about the Capital Gains tax, it would not have been raised had Obama
bluestate10
Jan 2013
#132
OK fine, I'm tired of arguing minutiae. That still doesn't change the fact that overall revenues
Egalitarian Thug
Jan 2013
#137
20%, instead of 40%. It was supposed to go to 40%. All that revenue was just given to the rich.
robinlynne
Jan 2013
#127
This is the sort of OP that makes me wish we still had an "unrec" button...
regnaD kciN
Jan 2013
#11
I'm beginning to find people who invent silly names like The Grand Bamboozle for important issues..
DFab420
Jan 2013
#16
Capital Gains Taxes Applies to Folks Selling Their Homes to Pay Their Retirement
Yavin4
Jan 2013
#20
If you roll the proceeds into any approved retirement account all the taxes are deferred.
Egalitarian Thug
Jan 2013
#71
And real estate proceeds. When the accounting pro comes home I'll double check. n/t
Egalitarian Thug
Jan 2013
#91
This tax thing has only just started & BO is NO fool about what AMERICAN jobs look like. nt
patrice
Jan 2013
#28
President Obama raised the capital gains tax. Another anti-President Obama slant.
graham4anything
Jan 2013
#29
Capital gains and dividends should be taxed at the exact same rate as income nt
abelenkpe
Jan 2013
#30
What part of, "The Right is lining up DROOOLING at the chops for 2016 already" don't you get?????
patrice
Jan 2013
#33
Republicans won't rest until BHO's tax cuts for the most affluent have been paid for
indepat
Jan 2013
#37
You didn't make it clear that those would have been the rates had we stepped off the fiscal curb.
Egalitarian Thug
Jan 2013
#48
No deal, the cuts expired. That is completely documented. You can pretend otherwise all you
Egalitarian Thug
Jan 2013
#57
It expired? What the hell does that have to do with the fact that the rate was never 40 percent? n/t
ProSense
Jan 2013
#60
1999-2000, long-term rates were 20 percent and short-term rates were 39.6 percent
ProSense
Jan 2013
#72
You link to your post which links to 3 more of your posts, none of which says
Egalitarian Thug
Jan 2013
#74
Yes. The short term capital gains rate was 39.6%. So what about it? The 4/10ths?
Egalitarian Thug
Jan 2013
#90
You have yet to show one single fact in this whole thread, as I pointed out.
Egalitarian Thug
Jan 2013
#129
Here's the thing, at midnight on the 31st, short term capital gains went up to 39.6%,
grahamhgreen
Jan 2013
#102
Bloomberg reports Bush lowered long term capital gains tax from 20 to 15. Obama restored it to 20.
pnwmom
Jan 2013
#64
I understand. I'm not saying he is a total loser, just that this deal was not the best he could
grahamhgreen
Jan 2013
#116
Wall street profits the most from short term capital gains rates being low. They were 39.6% just
grahamhgreen
Jan 2013
#114
DU used to have rules about intentionally misleading OPs. Is that all in the past?
Buzz Clik
Jan 2013
#98
No, it's true. Although I will admit I have learned from the discussion that it is SHORT TERM
grahamhgreen
Jan 2013
#113
I have not seen a link to the short term cap gains rate being taxed at 39.6% post deal.
grahamhgreen
Jan 2013
#131
But the difference between 40% and 55% is $3.24 billion. You think he doesn't care about that? n/t
Egalitarian Thug
Jan 2013
#138
This is an opportunity for state governments to impose higher taxes on those types of income.
JDPriestly
Jan 2013
#152