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Biden's capital gains tax proposal could crush the economy
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04-27-2024, 10:17 AM
(This post was last modified: 04-27-2024, 10:20 AM by InvalidContentWasFoundStarting. Edited 1 time in total.)
Now let's do the same thing for Capital Gains income
Filing Status: Single IF YOUR 2022 TAXABLE INCOME IS CAPITAL GAINS AND IS: OVER BUT NOT OVER THE TAX IS OF THE AMOUNT OVER 0 41,675 0% 0 41,675 459,750 15% 41,675 459,750 and up 62,711.25 + 20% 459,750 SO IF YOU WERE SINGLE AND YOUR $1,000,000 TAXABLE INCOME WAS ALL CAPITAL GAINS: You would pay 0% tax (0) on the chunk of capital gains between 0 and 41,675. You would pay 15% (61,711.25) on the chunk of capital gains between 41,676 and 459,750. You would pay 20% (108,050) on the chunk of capital gains between 459,751 and 1,000,000. For a TOTAL TAX of 0 + 61,711.25 + 108,050 = 169,761.25 or almost 17% of the $1,000,000 |
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