Joe Biden made plenty of promises to Americans when running against Donald Trump.
But unlike President Trump, who kept his word on every issue, Biden seems unwilling (or unable) to make good on a single one.
Biden is already backtracking on his already terrible ideas. He was only going to raise taxes on those earning $400,000 a year. Now it’s on entire families that are earning $400,000 a year.
And one of his tax hikes could his everyone, according to a wealth strategist.
From Fox Business:
President Biden’s proposal to increase the capital gains rate on high earners is an “undercover tax on just about everybody,” Surevest CEO Rob Luna told FOX Business’ “Mornings with Maria” on Tuesday…
“This is the money that they borrowed on credit cards — blood, sweat and tears — sweat equity that they put into these businesses… it’s not just their tech stocks that they invest in that’s getting taxed, but it’s their personal businesses also. So these are real Americans that are being taxed, are going to feel this. And look, the markets had a great run over the last couple of years.”
Biden claimed that he would only raise taxes on the “very wealthy.” While that is never the case (tax hikes end up hurting everyone), he already expanded to “mostly wealthy” families.
Then, he began talking about a new capital gains tax, which would hurt anyone looking to invest.
Rob Luna explained that this can and will hurt small business owners who worked hard all their lives. Americans who put “blood, sweat, and tears” into building up a business.
Those who are looking to retire, and want to sell their business to prepare, will get hit with a massive new tax.
They worked for years, some decades, so they could have something—and something for their families.
Now, Biden is eager to take a big piece out of what they worked for. Does that sound right to you?
Luna also warned that the tax increases will be retroactive, meaning they will hit investments from past years. He claimed that will put a lot of pressure on the markets—which are not ready to handle it.
When the markets suffer, so do businesses of all sizes—and those they employ.
After the year we’ve had, the last thing we need is policy that makes it harder for Americans to work and earn a buck.
Yet that is exactly what Joe is doing. Can someone please explain to me why Biden is so eager to drain Americans of wealth and success? Why, right as we are coming out of a pandemic, he wants to cripple us with new taxes?
But the bottom line is, Joe probably doesn’t even know himself.
- Joe Biden plans to expand his new tax hikes to include capital gains tax.
- Wealth strategist Rob Luna explained this will hurt many Americans, including small business owners.
- The tax will hit them right as they seek to retire, taking a big chunk out of their future.
Source: Fox News