DailyKenn.com — Investors earning over $400,000 per year will pay higher capital gains taxes, if White House occupant Joe Biden has his way.
According to businessinsider.com,
[T]he income-tax rate for the US's highest earners could increase to 39.6%. Capital gains - profits made from selling assets like stocks - are taxed differently than income, often at a rate of up to 20%; Biden's proposal is said to increase that to 39.6% for people who make over $1 million.
Major indexes reacted to the news by dropping nearly a full percentage point.
Biden claims the tax revenue will beef up his infrastructure plan and focus on funding education for our country's little ones.
Take aways...
• Tax-the-rich has always been government's 'foot-in-the-door' approach to taxing the middle class. Recall the income tax in 1913 was 7 percent at its highest on all income over $11 million (adjusted for inflation).
• The government could fund necessary programs by defunding unnecessary programs. That seldom happens.
• Some believe the super wealthy may renounce their citizenship and leave the county to avoid increase income taxes. Higher capital gains taxes cannot be avoided for American stocks.
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