Biden’s Punitive, Anti-Growth Tax Proposals

Source: RealClearPolitics
by Bejamin Ayanian

“Biden’s tax proposals would effectively increase the top federal marginal tax rate on long-term capital gains to 44.6%, a record high since the tax was enacted in the 1920s. As a result, taxes paid on long-term capital gains would reach levels above 50% in some states after accounting for state capital gains taxes. Biden also proposed increasing the corporate income tax rate from 21% to 28% and presented a 25% tax on unrealized capital gains for individuals whose net worth exceeds $100 million. These proposals present two problems. First, they showcase a disregard for the personal property, earnings, and lives of the individuals and organizations subject to the taxes. Second, these taxes would have dire consequences for economic growth and, thus, would negatively impact the living standards of everyday Americans.” (05/13/24)