Joe Biden is reportedly eyeing a massive new tax increase in order to pay for a slew of new social programs.
New tax rates would zoom up to 43.4 percent for the wealthiest Americans.
As Bloomberg reports:
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. 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 the top rate on wage and salary income, they said.
Stocks slid on news about the plan, with the S&P 500 Index down 0.7% as of 1:43 p.m. after climbing 0.2% earlier. The Nasdaq Composite fell 0.6% after rising as much as 0.5%. Ten-year Treasury yields erased gains.
The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.
I wish Biden,
Harris, Pelosi, Schumer and all the rest of the scumbag democrats would go on a ship to the middle of the ocean and then all jump in and go to the deep never to be seen or heard from again.
They need to be hung as far as I’m concerned. Can’t stand any of them.
I would love to watch these frauds all fry in old sparky one right after the other with the next in line watching the one before him or her taking their medicine!!!
Sink the god damn ship.
god is too busy blessing globalists and globalist puppet $oro$ and globalist puppet, democrat criminal party and globalist puppet, rino criminal party and globalist puppet, fbi CRIMINAL organisation and globalist media and globalist puppet, libby snow flake sheep AND altar boy raping priests and the globalist puppet, libby snow flake sheep moderators that I tell the truth and hurt their little gay feelings .
So you believe this isn’t the result of our abandoning our belief in God and His Commandments as a nation? Are you forgetting, conveniently, that we have an adversary called Satan?
Wish more people would wake up to that fact
globalists and globalist puppet $oro$ would replace globalist puppet, chester the molester biden with another globalist puppet named harris and replace globalist puppet harris with another globalist puppet .
AMEN, hopefully the ship will sink them all.
I hope the stupid focker tries to jack the taxes…….that will seal his fate as if he wasn’t already screwed by his recent actions…..Dumb as a box ‘o rox…….
No you don’t understand, these communists are rigging the election laws with their proposed legislation to overpower the constitutional right of states to conduct, manage, and control elections and they are attempting to create states out of Washington DC and Puerto Rico which would most likely vote for Democrat US Senators and Representatives and would give the Democrats a super majority that would pretty much guarantee their reign of power for decades. In addition they are attempting to pack SCOTUS with liberal communist judges which would guarantee no opposition to any of their communist policies passed through legislation. Their goal is to do all of this BEFORE the 2024 election so their is no chance of a Republican President. If we the people allow the federal government to usurp the power of the states to conduct, manage, and control elections through their respective legislatures as our constitution mandates then there will be absolutely no chance for Republicans to take back the US House of Representatives or the US Senate in 2022 or the Presidency in 2024. END OF GAME!!!!!!!
globalist puppet, libby snow flake sheep collecting welfare all their life don’t pay federal taxes so they don’t care, and they are too stupid to realize when globalists and globalist puppet $oro$ and globalist puppet, chester the molester biden raise the fuel prices and other prices that it affects them too .
Just putting the finishing touch on Destroying the economy and jobs forever.
Communists SUCK!
The old fool should have to forfeit his salary. He’s gotten rich from China
globalists and globalist puppet $oro$ and globalist puppet, chester the molester biden and his family got rich from china and ukraine and russia etc .
worldwide communism = globalism .
Insanity! Despite attempting to tax the rich, the blowback will be that corporations and big business will downsize and begin to layoff workers….the middle class! So, he will be hurting the people he thinks helping. No one says the rich cannot operate and move their companies to other countries and they will. (Ford moves manufacturing to Mexico!) Lowering taxes, as President Trump did, keeps companies expanding and hiring. Biden’s plan will reverse everything! It will be worse for our economy!
they know what they are doing. They are purposefully making us surfs.
Hi they do not care about middle class or the poor people their filthy rich. They only care about migrants paying their rent,food,medical bills and how many children they have, an American Citizen no way do we get that type of benefits. What would happen if their is no tax question only
Thanks to the globalist puppet, libby snow flake sheep (stupid and poor) who allow globalists and globalist puppet $oro$ and globalist puppet democrat criminal party and globalist puppet rino criminal party and globalist media . . . . .
Impeach Joe Biden nowGOP is letting Joe Biden distroy America
globalists and globalist puppet $oro$ own 90+% of the worlds money and globalist puppet, democrat criminal party and globalist puppet, rino criminal party loves globalists and globalist puppet $oro$ bribes to preach globalist agendas .
Got to love him. He will wreck the economy just as it’s beginning to recover and HR1 will guarantee the Democrats stay in power forever. Illegal aliens voting by mail by the millions, taxes choking off the economy. All white people will be considered racists. We will become the United States of Venezuela.
The USA was the only country protecting globalists and globalist puppet $oro$ from making the entire world a third world world .
and I keep getting notices from my Rep. Senators that they are optomistics about the economy rebounding. What a wicked farce.
globalist puppet democrat criminal party and globalist puppet rino criminal party continue to lie and want Americans to continue to invest in globalist ponzi scam, wallstreet and continue to make globalists and globalist puppet $oro$ more wealthy .
My Democrap Sen. and Rep. in Congress also lie like senile sleepy Joe Biden!
the photo you show is NOT Biden it is his double
I wonder how much he gets paid with the $ they have stolen from us.
Yes – let’s see how much our beloved Athletes and Actors and Actresses like being taxed 40 – 50% on their hard-worked talent! They’d be wishing for a Trump return in a heartbeat….
They will move off shore. corps will move off shore.
The working people will pay the tax either as increased cost for products or on the W-2.
globalist puppet, libby snow flake sheep hollyweirdos are just as stupid as globalist puppet, libby snow flake sheep collecting welfare all their life .
Before the pandemic started the United States was the leading economy of the world.Democrats are destroying our country and have troops protecting them. This is a treasonous transform of our government into a one party system.
If you will replace the word Democrats with the word communists in your comment I can agree with you 100%.
world wide communism = globalism .
Will the whole Biden Crime Family be taxed or will he be exempt. How about Harris , the whole Clinton family and Waters? Biden has his knee on the
Neck of the American People!!
If you look at communist countries the ruling junta never pays only those ruled pay.
globalists and globalist puppet $oro$ and globalist puppet barry soetoro and his husband big MIKE appointed all the correct criminals to the correct positions to protect all their criminals .
Wonderful PENDEJOS Democraps!!! Hope the taxes hit you idiots GOOD!!!
Like the 1.2 trillion globalist puppet barry soetoro and his husband big MIKE gave to globalist puppet elijah cummings to clean baltimore, the money was stolen and globalist puppet elijah cummings dies so he can’t talk . . . . .
Where do they think money comes from to provide investment for new businesses, plants, start-ups, etc. If an extremely wealthy person cannot make money on his investments, he will just sock it away. When will democrats ever learn??
We KNOW biden has NOT, and WILL NOT keep any of his campaign promises, NOT ONE!!! Instead of unifying AMERICANS, he is dividing us, he LIES EVERY DAY!!!
What about the border CRISIS that YOU started I know you are trying to blame PRESIDENT TRUMP still, but, asswipe its your doing!!!
And WHAT’S GOING ON WITH HUNTER??? Why isn’t he in PRISON, I heard another situation with china has come up??? I wonder when all Americans are going to see through the biden regime, HE SUPPORTS china & ukraine BEFORE AMERICANS, he, & his communist regime HATES AMERICANS, he knows he RIPPED OFF THE ELECTION, THERE ARE MANY, MANY AMERICANS WHO VOTED CORRECTLY FOR PRESIDENT TRUMP. You know there’s a lot of stuff with election FRAUD coming out daily, thing’s occurred on election night that are blatantly ILLEGAL!!!
We REAL AMERICAN PATRIOTS, need to start sending letters to msm first, call them, e-mail them tell them we are TIRED of the lies, that we are NOT going to watch any longer, we WILL NOT SUPPORT their advertiser’s. PLEASE HELP WITH THIS!!! This MUST STOP!!! NOW!!!
What’s 43.4 of my EX bosses $8 million salary? No more Starbucks coffee and only one scoop cones. I liked it when Reagan cut the highest tax rate from 70 to 38. I like that investors are helping fund Obamacare. It’s ironic
Pedo Joe is doing what all Democraps do tax everyone to death while wasting every penny coming into the Treasury.
Once they take from the actual working and give to the lazy, there will soon be no one working!
The Biden legacy, it’s true he has never had an original thought of his own, currently all his plans come from the left, the man who wanted to be president, really never had a plan of his own, or any dream for America of his own, except too destroy Trumps accomplishments. He is mentally unfit to be our President, this guy spent a life time of lying or stealing others ideas, he is a relic from the past who should have stayed there, not any new ideas, only spend and tax, spend and tax, this does not solve problems, he can’t solve problems because he is not a leader, only someone who can cause real problems as indicated, by his current border policy. I’m still convince 90% of his smoke screen BS are attempts to hid the money the Biden family “his son” received from Communist China. After all 200 million dollars is no small amount of money, what did the Biden’s do to earn it? or is it being earned now? Why does everyone in DC think, that flying around the world on tax payor monies, cutting personal deals to make money OK? this is sick, where is the report he is fit to serve? His actions are not reflective of American values, trying to bankrupt our Country, and hope all of his actions take away from the fact, his family [son] got the 200 million from communist China. Defunding police return us to days of vigilante justice, radical democrats, this will open a Pandora’s box of righteous justice extremist, seeking their ideal of justice, instead of established law, provided by our courts and society. If law and order is not allowed to continue, the radical left “under Biden” will destroy out country from within. these deceivers attained a political voice, positions of authority. must be removed and voted out of office, they are not true Americans, and don’t abide by American values, or our American Justice system. Democrats in office now, lack any ability to govern, again, tax spend policy does not solve problems, without the police force to serve, we will have total chaos in society.
I bet uncle Joe will somehow slip just under the level (using reported income) to be taxed to death… Not social programs, socialist programs….
smells like marxism to me