Bloomberg reports that Biden’s next multi-trillion-dollar economic package will possibly bring the tax rate as high as 43.4%. People earning one million dollars and more, which includes all small businesses, would pay 39.6% plus the Obamacare levy. The total tax rate for New Yorkers and Californians could top 50%. It will once it includes all the other taxes such as real estate, local, sales, and so on.
He’s nearly doubling capital gains.
A wealth tax is also in the wings. He would tax the wealthy on everything they own every year. Hugo Chavez would be proud. Biden is behaving like a communist.
Democrats are thieves.
Biden or his puppet masters will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to pay for his socialist spending to allegedly address inequality (as he promotes anti-white racism). The current base rate is 20%.
A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income.
Stocks slid on the news.
It would reverse a long-standing provision in the tax code that taxes returns on investment lower than on labor.
The destructive proposal will be released next week.
Once that money is gone, he’ll go to people who make $500,000 or he’ll take 70%, and on and on it will quickly go until there is no wealth in the middle class either.