Post by 4aapl on Sept 12, 2021 17:23:02 GMT -8
The draft is in, though it says it can change before it becomes official on Monday.
www.cnn.com/2021/09/12/politics/democrats-taxes-corporations-rich/index.html
We'll see what happens. 25% (likely still plus 3.8%) is much better than 39.6% plus another 3.8%, as was suggesting capital gains for very high earners might go.
Taxes aren't everything, even when they add up to a dramatic amount.
For Apple, 26.5% is higher than 21%, but still quite a bit below the "fear numbers" that were thrown about, and also below the numbers from not too many years ago.
www.cnn.com/2021/09/12/politics/democrats-taxes-corporations-rich/index.html
The draft proposal, which could still change before it is expected to be officially released on Monday, calls for increasing the top marginal rate on individuals to 39.6%, up from the 37% rate set by the Republicans' 2017 tax cut law, according to a plan circulating Sunday and obtained by CNN.
The rate would apply to individuals with taxable income over $400,000 a year and married couples filing jointly earning over $450,000 annually.
The top capital gains rate would increase to 25%, from 20%.
In addition, lawmakers would slap a 3% surtax on individuals with adjusted gross incomes in excess of $5 million.
The proposal also calls for increasing the top corporate tax rate to 26.5%, up from the current 21% set by the Republicans' 2017 tax cut law. It would only apply to businesses with income in excess of $5 million.
President Joe Biden had called for hiking the corporate rate to 28% to pay for his economic recovery agenda. Prior to the 2017 law, the top rate was 35%.
The rate would apply to individuals with taxable income over $400,000 a year and married couples filing jointly earning over $450,000 annually.
The top capital gains rate would increase to 25%, from 20%.
In addition, lawmakers would slap a 3% surtax on individuals with adjusted gross incomes in excess of $5 million.
The proposal also calls for increasing the top corporate tax rate to 26.5%, up from the current 21% set by the Republicans' 2017 tax cut law. It would only apply to businesses with income in excess of $5 million.
President Joe Biden had called for hiking the corporate rate to 28% to pay for his economic recovery agenda. Prior to the 2017 law, the top rate was 35%.
We'll see what happens. 25% (likely still plus 3.8%) is much better than 39.6% plus another 3.8%, as was suggesting capital gains for very high earners might go.
Taxes aren't everything, even when they add up to a dramatic amount.
For Apple, 26.5% is higher than 21%, but still quite a bit below the "fear numbers" that were thrown about, and also below the numbers from not too many years ago.