Biden Wants To Raise Capital Gains Tax Rates to 44.6% in the Interest of Racial Equity

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President Biden’s proposal to reduce the “racial wealth gap” by boosting the top marginal tax rate on long-term capital gains to an eye-popping 44.6 percent will have such a hard time passing Congress that it calls into question the administration’s true intentions in issuing the proposal.

That’s the view of one of Washington’s leading labor economists, Diana Furchtgott-Roth. The former acting assistant secretary for Economic Policy at the United States Treasury under President Trump, Ms. Furchtgott-Roth tells the Sun that the bill is not a serious economic proposal but rather a last-ditch effort by the Biden Administration to gain votes.

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Despite the Treasury’s claims, Ms. Furchtgott-Roth says, this proposal does nothing to target the root of race-based wealth inequality, which she identifies as educational opportunity. “The major reason that Black Americans have less access to opportunity is because they are forced into schools that do not give them the education they need to progress and have high wages,” she argues.

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