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/biz/ - Business & Finance

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24719119 No.24719119 [Reply] [Original]

Seriously anons. I keep seeing and hearing conflicting things.

What is the short term capital gains tax rate? I thought it was just your normal tax rate. Which as a New Yorker is about 33%. Some people say 50% or 60%. What the fuck anons. What is it?

>> No.24719171

>>24719119
it's 90%, 100% under biden though

>> No.24719246

it's just counted as income

>> No.24719305

>>24719246
This. Dont forget to increase your taxable income goy. This can move you into a higher tax bracket

>> No.24719325

>>24719305
The "moving into a higher tax bracket" thing is something only retards are scared of

>> No.24719332

>>24719119
It's based off your total income for the year. Google is your friend.

>> No.24719351

>>24719325
Or people who have actually made money trading "retard"

>> No.24719398

>>24719351
It sounds like you don't know how tax brackets work

>> No.24719465

>>24719325
I know people who have turned down raises to avoid "changing tax brackets" LOL and they'll explain it thinking they're impressing you with their financial prowess

>> No.24719518

>>24719465
Financial illiteracy like that makes me sick. But there's usually no helping retards like that, gotta let people make their own mistakes

>> No.24719532

Yea it's just counted essentially as if it was added to my salary as a job yes?

>> No.24719588

>>24719532
Yes

>> No.24719596

>>24719465
That's just dumb

>>24719398
>>24719518
I know how they work and a large portion of my gains are being taxed more than I would like. Like I said, people who have actually made money this year. Not you it seems

>> No.24719619
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24719619

>>24719596
K

>> No.24719659

>>24719619
That's not too bad I guess. I'm up a good 6 figures this year though and I don't think it's that much.

>> No.24719670
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24719670

>>24719119
Call TOKENTAX.

Or, you know, you could just realize EPIC fixes this.

>> No.24719712

>>24719588
>>24719332
>>24719246
Thanks anons. May you be blessed with based waifus

>> No.24719735

>>24719659
but you think a portion of it is that much

>> No.24719822

>>24719735
Brainlet

>> No.24719923

>>24719119
"Oh, WOW, I love your Stephen Hawking costume!"

>> No.24719980

>make 1 million dollars in Bitcorn
>trade for worthless uniswap LP token
No taxes owed mr. tax man!

>> No.24720071

>>24719119
Short term gains rate is the regular income rate, but bear in mind a Net Investment Income Tax (NIIT) of 3.8% is levied on any investment income greater than (usually) $200k in a given year, which applies to both short term and long term capital gains. So if you're realizing a shit ton of gains in a year, your top LT rate is really effectively 23.8% and your top ST rate is really 40.8%.

>> No.24720108

Thanks. But then why the fuck are some people saying it's 50% to 60% are they fucking retarded?

>> No.24720135

>>24720108
40% to me might as well be 50%

>> No.24720158

>>24720108
Beats me, effectively in the worst case scenario your tax is mid-40%s. Unless they're adding up sales tax, property tax, liquor tax, etc just to be dramatic fagholes.

>> No.24720299

>>24720158
I guess lumping state sales tax in with federal tax is semi-legit though, I keep forgetting most states have an income tax and some cities do too. If you live in commiefornia the top bracket is 13.8% so then 40.8% +13.8% = 54.6% top rate. I still don't see how anyone could crack 60% though.