Joe Biden is proposing a new tax capital gains tax:
The number being bandied about is 44.6%, which would be the highest formal federal capital gains rate since its inception. That rate comes with many caveats and asterisks. ~ Forbes
Surely, that only means the “Rich” are going to pay. Au Contraire, Hoosiers, it’s time to hold on tight to your wallets and purses, because Joe wants your money. Matt Will, Economist from University of Indianapolis explains:
The tax increase proposal is not limited to Capital Gains.
Matt Will:
256 pages of tax increases. They’ve redefined income as anything that you get, anything coming through the door. Income, Capital Gains, profits from a business you own, your retirement check. Even if you’re not working, anything that you get… So, they want charge you 44.6%. But that’s just not on Capital Gains… This includes dividends.
Tony responds that the 44.6% is the top rate. Why should this concern the average middle-class listener?
Matt Will:
They redefined income, so you may think you’re not in the top rate, but you might be. They define high income as a million dollars, and in other sections: $400,000, and in another section $250,000. This is still in the rule making stage. Which means when the final thing comes out, it could be worse. Remember 2 years ago, Biden promised us 1% tax on all stock repurchases. So, if a company gives you profits in a form of a stock repurchase you pay a 1% tax… Guess what, this proposal makes it 4% for everybody in the country. I will say it right now on the air, President Biden lied. He lied to the average person, the low-income person when he said, “1%, only for rich people.” This proposal is 4% for everybody.
But it may get worse… the Biden Administration is also proposing an “unrealized” gain tax. That’s when you are taxed from valuations of assets, even if you haven’t sold the assets for profit. These taxes will be devastating to the economy as it will be a tremendous disincentive for investment. The Democrats continue to telegraph these tax hikes for the “greater good”, but will wrecking the economy be good for you?
When someone shows you who they are, believe them the first time ~ Maya Angelou
It’s time that voting public believes them, and understand what their policies will do to the greater economy and their pocketbook.
ICYMI: When the Democrats tell you who they are… believe them – WIBC 93.1 FM
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