National Wealth Tax of 44.6%

It's up guys, John, here, the White House and the Nomination Administration are working now to drive the highest rate of capital gains the United States has seen in over 100 years and I think this could very well change the outlook Of many people owning stocks and real estate knowing that this big bill, this big law, this big new policy could come and, if it does, their tax base would change dramatically, we could see a lot of people trying to sell right before for this to come into effect. Now this is 44.6% of all profits at the federal level, if you live in a place like California, 59% of all your profits would be given to the state and federal government.

In this video, I'll show you exactly what is happening and why I think this is the case. It will probably instigate one of the best rug poes in the stock market, potentially in the real estate market that we've probably ever seen. Please press the like button, press the like button, it will share this content dedicated to people about what is happening. I also think that This is going to boost a lot of people outside the United States, a lot of companies outside the United States, the United States was once a very, very professional country in terms of buses, the land of opportunity and that has changed radically and Today's video is sponsored by my company, great quick credit. com, that's great credit fast.com, if you have late payments, medical bills, charge-offs, foreclosures, bankruptcies, repossessions or any negative items on your credit report, go to great credit fast.com, click the link at description right below this video, schedule a free call for tomorrow.

By Thursday, watch this, then President Biden has formally proposed the highest capital gains tax in more than 100 years. Here's the direct quote from Biden's 2025 budget proposal. Together, the proposals would increase the top marginal rate on long-term capital gains and qualify dividends at 44.6% now, how they determine capital gains by subtracting the current cost of the assets or the purchase price plus expenses incurred, so if you think you buy a stock for 100, go up to 200, you would have to give yourself 50% 44.6% of that $100 profit back to the government now I mean, this is going extremely viral 1.6 million views on this, the biggest tax increase in 100 years, say goodbye to your

wealth

, another 200,000 views on President Biden alone drives 44.6 capital gains % another 326,000 views now, what is it?

The fascinating thing here is that a lot of people believe that the real estate market is very, very hot, home prices are at record highs and it's just an incredible time to own real estate and I agree that you know for a lot of people it could be. , but for people who will be forced to sell during this term of this presidency and during this possible lock-up period in this 44.6% capital gains rate window that could be a big problem because they bought a property for 500,000 and they sell it for a million, there are half a million. million dollar gain if that person is, let's say, a single person and they can only write off $250,000 of a tax write-off because you can, you can personally make 250,000 on a primary residence, the other 250,000, you know, about 125 of that or 115 would. get a straight L back to the government, so if it's an investment property, if it's a flip, who wants to buy property, if you put half of your profits back directly to the state, if you live in a place like Nevada.

Tennessee, Texas or Florida, if they live in a place like California, gives them most of it back, so they are taking on all this risk for a very small and limited upside, especially given the fact that the economy and the real estate market they're a very delicate place, more than we've probably seen before, interest rates went from 3% to now they're about 8% if you have excellent credit, you know you're looking, you know, in the mid sevens, probably know 7.4 if you have an average US credit score of 698, you're looking at 8% and what I think is happening is we're getting into the biggest rug pole on the stage, the most planned rug, this is what What do I mean by this, so four hours. four hours ago two different posts ago the exact same headline why the FED is keeping rates higher for longer may not be so bad CNB BC why the FED is keeping rates higher for longer may not be so bad true NBC like this that what I think is what's going to happen is that they're going to say everything's great, everything's fine, you know, this is what we have to do to reduce inflation, meanwhile, inflation is going to get worse and all the perceived

wealth

that many people thought they had accumulated.

The last two years will be affected by many new tax policies and many of you know the new restrictions and regulations that are coming, but you know who will benefit the most from this: it will be the billionaire, it will be the rich, rich business owners, it will be the people with all online businesses, people who are mobile, we will see a lot of people, a lot of people opting for a second passport. I can promise you that we will see a lot of companies move to other places, they will go to different places that you know around the world to take advantage of cheaper labor, take advantage of lower taxes, take advantage of healthier food, lower cost of living and simply a better quality of life. life and it's unfortunate because America was created on the basis of capitalism, based on going out and making a dream come true and hiring a lot of employees and allowing those employees to provide value for themselves and their families and put their children.

Through the university now the only ones who will win will be the government because the government will take so much wealth through corporations that it will push those who have the means out of the United States and those who don't will probably leave. or they're going to have a much harder time surviving now, looking at this from a double-edged perspective, you know, kind of a second perspective, this person said, what do we think about raising the capital gains tax that much? Here's a quick thought, the cons. investments are hesitant to make profits, investors are discouraged from deploying capital, tax evasion strategies increased, foreign investment in the United States decreased and said the advantages are increased tax revenue and lower income inequality.

Now, personally, I think there will be more income inequality through these taxes because there's less money will flow into the middle class and a lot more money will flow up and, uh, the increase in tax revenue, tax revenue, I don't think that you can give them, you know, enough money to solve America's problems, I mean, look for example, California, the city of Santa Monica approved a new apartment complex for homeless people that will cost a staggering sum of 1 million dollars per unit. The $123 million project will include just 122 units. It was approved days after an audit found that California spent $24 billion to address homelessness. between 2018 and 2023, but it didn't consistently track whether that massive flow of public money actually did anything to help the problem.

The homeless count in California has only gone up and the problem has only gotten worse, so a million dollar unit if you were in any other state in the country, if you were in Florida, if you were in one of these other states , they could build these units for a fraction of the cost, so you know, look at California, what's happening in California is What's happening at the federal level right now with a lot of policies, money is just flowing everywhere and not will return to the people. Look at the Dow Jones stock market all-time highs.

Many people think they have a lot of money in stock when this. starts happening what do you think people are going to start doing once this goes into effect and there's a deadline set? Do you think people are going to wait until that deadline and say yeah, I'm only going to give half of that half? those profits, uh, for the government, you think they will try to sell beforehand. I bet they'll start trying to sell and see that other people who don't want to sell, are going to start getting lines of credit on their stocks, people will start doing whatever it takes to try to avoid these taxes, all of which will be , you know, a problematic situation for the United States, so look at this, Biden is asking for 44.6. % capital gains tax rate highest capital gains since inception in 1922 President Biden has formally proposed the highest maximum capital gains rate in more than 100 years.

Here is a direct quote. Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends. at 44.6% yes, you read correctly 44.6% under Biden's proposal, the combined federal state capital gains tax exceeds 50% in many states California will face a combined federal state rate of 59% New Jersey 55 3 % Oregon 54.5% Minnesota 54.5% and New York State 53.4% ​​of the worst capital gains are not indexed to inflation, so Americans are already forced to pay taxes on some gains that are not are real. Biden's high inflation makes this especially painful. Capital gains taxes are often a form of double taxation when the capital gains come from stocks. stock mutual funds stock ETFs capital gains tax cascades second layer of taxes on top of current 21% federal corporate income tax Biden's proposed top capital gains tax is more than double that China's China's capital gains rate is 20% Is it wise to have higher rates Is it wise to have higher taxes in China than here and with Biden's combined federal states capital gains at 59% in Will California residents face a rate nearly three times higher than China where the capital gains tax was created? alone on taxes in 1922 at a rate of 12.5% ​​see the chart below see how Biden's proposed capital gains for 2025, which is what you know, 6 months from now eight months from now will place the United States into uncharted territories Biden's proposed capital gains tax increase also affects many families when parents die.

Biden's proposal to add a second, separate estate tax on top of the existing estate tax by eliminating step-up bases when parents die would result in a mandatory capital gains tax on death. A forced realization event. When someone dies and the asset is transferred in error, that transfer itself will be a tax event and the estate will have to pay taxes on the gains, just as if they sold the asset. Proposal B will eliminate a stepped-up base that has already been attempted. and it failed in 1976 Congress eliminated the intensified bases but it was also complicated and unviable and they repealed it before it came into effect almost immediately however the new law unleashed an avalanche of complaints it is unfair and impossibly unviable so many in fact that last year the Congress retroactively delayed the effective date of the laws until 1980, ran into trouble with the issue again, so start looking at this: Wealth is the only form of wealth, and what's more, Biden's 2025 budget calls for about 5 trillion in tax increases over the next 10 years, so what is it?

What's going to happen is the rich, you know, the top 1%, the top 5% really and that's why the next two years are so important. They are going to put a lot of weight on legal advisors hiring the right lawyers. Tax advisors, you know, getting second passports, will do whatever they have to do to protect themselves from a tsunami of taxes and regulations that are probably sweeping this country and those who do it legally, of course, legally will be we can know how to contain the storm a little better and since 95% of the Americans we know, more or less, cannot contain it and are negatively affected by all the money that will not reach them, they are going to be forced to sell houses and assets and 70% Of all the one to four unit properties are in the hands of mom and pop and individual owners, so what I mean is that those who have the money will step in and acquire many of these assets or pennies on the dollar and if real time wages are are softening, especially with artificial intelligence and technology in the next few years, you know, next decade, you'll start to see real wages fall, asset values ​​probably won't recover for single-family homes, I mean.

How could they do it? You know, long term, capital gains in real termsThey will not be as applicable. You will see a lot of money investing in all these properties. It is a sad situation, but unfortunately that is how it is. What's going to move forward? What do you think about this situation? Where do you see all of this going with a 50, you know, give or take, a 50% capital gains rate depending on what state you live in? 44% of your inhabitants live in a tax. free location or you know a location with no state income tax, but if you live in a state like California, Texas or California, you know New York and one of these others, or you know one of these other places, Minnesota with a high tax rate.

Let's see the 50 55 59% taxes drop next, let's have a conversation about this. How do you see this in the United States? If you want to fix your credit to position yourself for what I think it will be, you know what I've talked about. this on this channel, the largest carpet pole in the history of the United States. I think over the last four years we have prepared ourselves for a big carpet pull that is coming and those who have good credit will be positioned to receive financing and we will be in a position to take action when, unfortunately, many other people will not, especially since Banks continue to contract credit as times become a little more uncertain.

If you want to fix your credit, we would love to help you at my company. great credit fast.com that's great credit fast.com if you have late payments medical bills charge-offs foreclosures bankruptcies repossessions or any negative items credit report go to Great cred fast.com click the link in description just below this video schedule a free call for tomorrow and I will see you with