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Who’s telling the truth about the capital gains tax? | About That
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this post was submitted on 14 Jun 2024
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First, the bump to 66% only happens after 250k that year so $25k would not trigger the extra 16% eligibility. So standard 50% CG only would be applied. $12.5k taxed at your rate means the min rate which may be something like 20% (this number is a wild guess) so say $2500 paid to the gov. Not as bad as it sounds.
Don't forget that the $25k wouldn't all be gains in the first place. If the investment had increased in value by 25%, it would be 20k base and only 5k gains; if it had increased by 100% it would be an even split. We're talking about taxing a part of a part of the sale value.
Once you get this far down the thread you realize how complicated it actually is and why most people have no sweet clue how it works.
Thanks for the info, that makes perfect sense. Seems like a good idea to tax people making tons and tons of money at a high rate then!
IF it was forced to be in the 66% CG bracket $16.5k would be taxed at the previously posited 20% resulting in $3300 paid to government so it is a respectable jump in tax owed for those being subjected to it.
A better way to think of it is <$250k 50% of the profit is tax-free. >$250k only 34% of it is tax exempt.