Photo by Gage Skidmore

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.
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DONNA MARIE KELLEY
DONNA MARIE KELLEY
1 year ago

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.

Edward Brocaille
Edward Brocaille
1 year ago

They need to be hung as far as I’m concerned. Can’t stand any of them.

Jack
Jack
1 year ago

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!!!

James
James
1 year ago

Sink the god damn ship.

vladimir
vladimir
1 year ago
Reply to  James

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 .

Recce1
Recce1
1 year ago
Reply to  vladimir

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?

Wanda Elliott
Wanda Elliott
1 year ago
Reply to  Recce1

Wish more people would wake up to that fact

vladimir
vladimir
1 year ago

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 .

Marie
Marie
1 year ago

AMEN, hopefully the ship will sink them all.

Bug D
Bug D
1 year ago

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…….

Oirish1953
Oirish1953
1 year ago
Reply to  Bug D

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!!!!!!!

vladimir
vladimir
1 year ago
Reply to  Bug D

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 .

Keith Clark
Keith Clark
1 year ago

Just putting the finishing touch on Destroying the economy and jobs forever.
Communists SUCK!

Dan Tyree
Dan Tyree
1 year ago
Reply to  Keith Clark

The old fool should have to forfeit his salary. He’s gotten rich from China

vladimir
vladimir
1 year ago
Reply to  Dan Tyree

globalists and globalist puppet $oro$ and globalist puppet, chester the molester biden and his family got rich from china and ukraine and russia etc .

vladimir
vladimir
1 year ago
Reply to  Keith Clark

worldwide communism = globalism .