Polls/Petitions The Latest
Biden Plans To Force Steep Hike On Taxpayers – Capital Gains Tax On Wealthy Americans Might Double, Up To 43.4%
By Ben Dutka|April 23, 2021
Biden Plans To Force Steep Hike On Taxpayers – Capital Gains Tax On Wealthy Americans Might Double, Up To 43.4%

President Joe Biden has talked about raising taxes almost from the minute he stepped into the White House. He said his goal was to lessen the burden on lower and middle-class families.

At the same time, he would target the wealthy — he’d demand richer citizens and corporations pay a lot more than they paid under the Donald Trump administration.

But his latest proposition might be a step too far.

American businesses have been concerned that Biden would make the corporate environment extremely difficult, and that could result in losing more jobs overseas.

While Trump dropped the corporate tax rate from 35 percent to 21 percent with his 2018 tax cut bill, Biden’s American Jobs Plan aims to reverse that trend.

However, beyond jacking the corporate tax again, Biden is also going after individual wealthy citizens.

And some economic experts and politicians are saying this could also cause problems; even certain Democrats don’t like the idea of doubling this particular tax rate.

Via The Daily Caller:

President Joe Biden’s administration is weighing nearly doubling the capital gains tax on wealthy Americans to 43.4%, Bloomberg News reported Thursday.

The plan would raise the gains tax to 39.6% for Americans making more than $1 million a year, and that would add upon an existing 3.8% tax on that bracket that supports Obamacare, according to Bloomberg.

On top of that, Biden wants to bring the corporate tax rate back up to 28 percent.

The combination of all these tax increases makes it feel like a more difficult business environment for American-based corporations, according to many. And double-taxing capital gains is a big deal, too.

But again, even some Democrats aren’t on board.

This includes Sen. Joe Manchin (D-WV), who says Biden’s bill simply shouldn’t pass as it stands. He said he supports a corporate tax increase to 25 percent, but 28 is too high.

Said Manchin:

mm
Ben Dutka
Ben S. Dutka is a journalist, writer and editor with over two decades of experience. He has worked with three newspapers and eight online publications, and he has also won a Connecticut short story contest entitled Art as Muse, Imaginary Realms. He has a penchant for writing, rowing, reading, video games, and Objectivism.
Ben S. Dutka is a journalist, writer and editor with over two decades of experience. He has worked with three newspapers and eight online publications, and he has also won a Connecticut short story contest entitled Art as Muse, Imaginary Realms. He has a penchant for writing, rowing, reading, video games, and Objectivism.
Copyright © 2021 PatriotJournal.com