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Biden’s Capital Gains Tax Idea is Impressive. Will He Fight For it?
There is going to be a lot of pushback against the tax plan the President is floating. If he’s serious about it, he’ll need to be aggressive.
As I’ve said before, I genuinely believe that Biden cares a great deal about his legacy, and how history will view his leadership as President. His desire to be viewed along the lines of FDR are probably the single greatest motivating factor in his reasoning for even considering certain policy proposals. Of course, floating a proposal and telling the public he is in favor of it is entirely different from actually doing what it will take to get it passed.
I stumbled across a Bloomberg article detailing how the President is evidently considering increasing the capital gains taxes on the wealthy up to as high as $43.4% for those earning $1 million or more in order to raise the funds for long term social spending. The new marginal rate would increase from 20% to 39.6%, and a 3.8% tax on investment income that funds Obamacare would be kept in place. The money generated by these tax increases would reportedly be spent on childcare and education.
Perhaps nothing serves as a better indication of how the rich are already feeling about this than the stock…
