There has never been a better reason to turn President Joe Biden into former President Joe Biden.
Only hours after reports revealed Joe Biden’s aggressive plans to tax tons of money away from middle class Americans, a new documentation appeared, showing how he is putting plans together to also “raid the rich.” That method would be to make the capital gains tax rate the highest … ever.
The Daily Mail report notes Biden’s plan, revealed in a footnote, demands a top marginal rate on long-term capital gains dividends of up to 44.6%. That would put the actual tax rate higher than 50% in states like California, New Jersey and New York.
But critics immediately warned of the negative impact of Biden’s agenda: His plan would disincentivize investing and hurt U.S. industries. The report noted the last time the tax rate was even close to this level was during the 1970s under Jimmy Carter, a Democrat, at a time when interest rates frequently were in the 15% range.
The taxes would apply to profits from selling stock, business or homes. Biden’s Treasury explained its decision was based on race, suggesting it would “level the playing field” among the races because capital gains are applied “disproportionately” to whites.
“Black and Hispanic families are much less likely to hold stock, and of those families who do, their composition of investment portfolios looks much different than white families,” the document, called “Advancing Equity through Tax Reform: Effects of the Administration’s Fiscal Year 2025 Revenue Proposals on Racial Wealth Inequality.”
The usual recitation of facts followed, with 73% of white families owning a home in 2023, while 46% of black families own. The tax rate comes in a footnote from the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals.
There, it states, “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000. Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
The Mail report warned Biden would be hitting “many families” with the rate. WND had reported only a day earlier Biden was threatening Americans in the nation’s middle class with a huge tax increase if he’s re-elected. It would happen through his decision, if in office, to make sure the tax adjustments that gave significant help to the nation’s middle class under President Donald Trump’s Tax Cuts and Jobs Act expire – and “stay expired.”
The Washington Examiner pointed out that while Biden has “repeatedly said he won’t hike taxes on anyone earning less than $400,000,” that’s not what he’s doing. “Now, to be fair, Biden may not have understood that’s what he’s saying,” the report did note.
But it explained Biden’s plan to let the tax changes “stay expired” actually “would be a massive middle-class tax hike because the Tax Cuts and Jobs Act was a massive middle-class tax cut. Yes, wealthy people also saw their taxes reduced by the TCJA, but the law actually shifted a greater portion of the tax burden onto the wealthy.”
Gone to Americans would be a doubling of the child tax credit, a doubling of the standard deduction and lower tax rates. “Keep in mind that rich people don’t use the standard deduction, and the child tax credit phases out for the wealthy, and so these tax hikes would really only hit the non-rich,” the report warned.
(c) 2024 WND News Center. Used with permission.