The socialist Biden administration is proposing in The Budget of the United States Government Fiscal Year 2025 to raise capital gain rates to 44.6%. This is the highest formal federal capital gain rate since its inception, probably the highest in the Western world, and it will destroy business and investment.
It starts as a 39.6% increase but increases by 1.2% for those making over $400,000 annually. However, Biden said he would not raise taxes on anyone who makes under $400,000 but is now planning to eliminate the Trump tax cuts, which means everyone will be taxed.
His $400,000 figure doesn’t last long, not in socialism.
Forbes took exception to people making a big deal out of it. However, we know how this works.
According to Forbes, it’s much more incremental than revolutionary. The only problem is that their incremental never stops as they implement their controlling regulations and their welfare state. They will need more and more of our money. Capital Gains will be on the chopping block. Socialists and communists think your money is their money.
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