Look, the economy is not great. We all know this, and even the data bears this out: Q1 GDP growth 'cooled sharply'. So we'd think the President would be focused on improving the economy. Instead, Biden's proposed budget includes a proposed 44.6% capital gains tax, and a 25% unrealized capital gains tax.
'High-net-worth' individuals are those worth more than $100 million, apparently.
In March, President Biden proposed a 44.6% capital gains tax in the 2025 government budget, the highest in history. The proposal includes a 25% tax on unrealized gains for high-net-worth individuals. A quote from the March budget proposal reads “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
The source of the 44.6% rate is a footnote from the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, and it reads in relevant part: “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 White House looks for the proposal to raise the long-term capital gains and qualified dividends rates for taxpayers.
Just wow. All your money belongs to Grandpa Joe, apparently.
That's precisely what it is: stealing.
And it won't stay limited to 'high-net-worth' individuals. They'll put an 'unrealized' capital gains tax on your house eventually.
Because he promises free s**t, 'equity', and abortion-on-demand. That's their argument.
And 'Orange Man Bad'. Don't forget that part.
Nailed it.
Laugh, but he's serious.
Yep.
It would. But crushing the economy is the point.
Commies are the ultimate galaxy brains.
Sounds about right.
Remember: Obama said you didn't build that, anyway.
Now the good news is a president's proposed budget rarely survives the budget debate and process. Here's hoping this insane proposal ends up on the scrap heap.