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Twitchy
twitchy.com
26 Apr 2024
Amy Curtis


NextImg:Biden's INSANE Proposed Capital Gains Tax Would WRECK Economy

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.

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'High-net-worth' individuals are those worth more than $100 million, apparently.

More from Watcher.Guru:

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.

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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.

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Because he promises free s**t, 'equity', and abortion-on-demand. That's their argument.

And 'Orange Man Bad'. Don't forget that part.

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Nailed it.

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Laugh, but he's serious.

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Yep.

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It would. But crushing the economy is the point.

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Commies are the ultimate galaxy brains.

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Sounds about right.

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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.