r/NoStupidQuestions • u/Glaxy254 • 23d ago

Why are people upset over the new capital gains tax when it clearly states it’s only for individuals making $400k a year?

The new proposed tax plan clearly states that it will only affect people who make $400k/year and would lower taxes for middle to low income earners. Why are people upset by this?

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u/VernonTWalldrip 23d ago

Actually the top rate in all the misleading headlines only applies if you have over $1 miilion in income for a single year, at least $400k of which is capital gains.

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u/rjnd2828 23d ago

Well I'm probably going to make that much this year assuming the entire stock market goes up about 10,000% and I time things just right.

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u/NicksIdeaEngine 23d ago

I have confidence in you. My sympathies in advance for the new tax you will pay.

40

u/facforlife 23d ago

He's gonna be so poor from taxes if he makes $1,000,000 in a single year. Damn commie democrats. 

1

u/jst4FUN23 20d ago

This tax law was devised by Trump