Joey's working on it.
He says if the U.S. has a Capital Gains Tax at least 2X times more than China the regime will be more prosperous.
Sounds to me like a Marxist conspiracy.
Biden Calls For Record High 44.6% Capital Gains Tax Rateby Tyler Durden
Wednesday, Apr 24, 2024 - 10:10 PM
By John Kartch of Americans For Tax Reform
Quote:President Biden has formally proposed the highest top capital gains tax in over 100 years.
Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.
Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
Worse, capital gains are not indexed to inflation. So Americans already get stuck paying tax on some “gains” that are not real. It is a tax on inflation, something created by Washington and then taxed by Washington. Biden’s high inflation makes this especially painful.
More...
https://www.zerohedge.com/economics/biden-calls-record-high-446-capital-gains-tax-rate