Biden to Propose DOUBLING Capital Gains Taxes on Investors
The Biden Administration likes to float their dumbest ideas up as a trial balloon. Like taxing the middle class for driving their cars. Or giving foreign countries taxpayer money to stop their citizens from coming here illegally. If you invest, you better hope this is a soon to be popped trial balloon too. According to Bloomberg, Joe Biden is looking to hike taxes again. This time, capital gains taxes.
President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, according to people familiar with the proposal.
The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.
The market did what you would expect the market to do.
Like most Biden schemes, the con is that they are only taxing "rich" people. But not only rich people are investors. The middle class invests on our own. We have 401K's and retirement plans invested in the market. What do these assclowns think happens to OUR stocks when the "rich" people sell-off? EVERYONE'S stocks go down. It's math. Though this may also explain why so many leftists now claim getting the right answer to math problems is raaaaaaacist.
If there is one silver lining, think of all the middle-class investors who took up investing. Many of whom I'm sure voted for Biden because they thought Donald Trump was a meanie pants. They're all logging on to their Robinhood account today and wondering "what the f***?" Joe Biden is what the f***. Hopefully more people start to remember that when it's time to vote again.
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