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Biden Wants To Raise Capital Gains Tax Rates to 44.6% in the Interest of Racial Equity
Posted on 4/29/24 at 6:53 am
Posted on 4/29/24 at 6:53 am
quote:
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.
quote:
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.
Archived.
8
Posted on 4/29/24 at 6:54 am to GumboPot
Why tax people anymore when we know you'll just print money when you want it?
Posted on 4/29/24 at 6:54 am to GumboPot
Biden only wants another ice cream cone. Now his handlers? That's another story.
Posted on 4/29/24 at 6:55 am to GumboPot
quote:
“racial wealth gap”
I have an idea... Give everyone a job....
Posted on 4/29/24 at 7:00 am to Gifman
quote:
Why tax people anymore when we know you'll just print money when you want it?
The MMT folks think the way to combat inflation is to raise taxes and pull money out of the economy.
We are not the problem. The producers. People going to work everyday, paying taxes and producing. We are not the problem.
The problem is the greedy fricking federal government. It's never enough for them. Never. Always wanting more and they always win because they have bigger guns.
Posted on 4/29/24 at 7:25 am to GumboPot
Every time the government goes after the rich they hit the middle class.
The rich will hire ex IRS agents to get around the taxes and the teacher married to a teacher will get taxed on the $300 dollars a month they put in their mutual fund account.
It’s always been that way. When Bill Clinton raised taxes on the “Rich” those making over 30k a year were hit with higher taxes. I remember saying to my wife “Congratulations, now we are rich.”
The rich will hire ex IRS agents to get around the taxes and the teacher married to a teacher will get taxed on the $300 dollars a month they put in their mutual fund account.
It’s always been that way. When Bill Clinton raised taxes on the “Rich” those making over 30k a year were hit with higher taxes. I remember saying to my wife “Congratulations, now we are rich.”
Posted on 4/29/24 at 7:29 am to GumboPot
This is almost unreal. So bidens plan to close the wealth gap is literally to make everyone poor.
He is a genius!
He is a genius!
Posted on 4/29/24 at 7:33 am to Gifman
quote:
Why tax people anymore when we know you'll just print money when you want it?
Great question. My guess is control and another means to curb the inflation the government creates due to stupid spending
Posted on 4/29/24 at 7:35 am to thetempleowl
The lengths we go in this country for 13% of the population is comical.
Posted on 4/29/24 at 7:36 am to thetempleowl
quote:
So bidens plan to close the wealth gap is literally to make everyone poor.
That's always the Democrat way. The left tries to to pull the top down, while the right tries to help the bottom up.
Posted on 4/29/24 at 7:41 am to GumboPot
Biden didn’t think of this. His handlers came up with this bullshite.
Posted on 4/29/24 at 7:43 am to thetempleowl
quote:
literally to make everyone poor
Not everyone... There will still be those that have... He wants to do away with the middle class in this country and make all the peasants "equal"...
Everyone should divest as much as possible and get as small financially as possible in the government's eyes...
Posted on 4/29/24 at 9:21 am to GumboPot
quote:
“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.
Sure thing, toots. The schools aren't terrible because of them; the schools are intrinsically terrible and we force them to go there.
Posted on 4/29/24 at 9:23 am to Longhorn Actual
quote:
The schools aren't terrible because of them; the schools are intrinsically terrible and we force them to go there.
A tale as old as time. I can't hike because the taxpayers paid for my education.
Posted on 4/29/24 at 9:24 am to Longhorn Actual
Remind me again… don’t a lot of minorities agitate for lower standards because expecting XYZ of them is “acting white”?
Can’t demand lower standards for black people then bitch about how black people are subsequently behind all other groups.
Can’t demand lower standards for black people then bitch about how black people are subsequently behind all other groups.
Posted on 4/29/24 at 9:30 am to GumboPot
I make less than $400,000, so Biden won’t raise my capital gains taxes. He gave me his word, and I believe him.
Posted on 4/29/24 at 9:35 am to thetempleowl
quote:
This is almost unreal. So bidens plan to close the wealth gap is literally to make everyone poor.
This isn't new - Maggie called them out almost 40 years ago
Posted on 4/30/24 at 7:18 pm to GumboPot
How does this help equity?
If we agree that POC are less economically advantaged, and ergo there are less POC with capital assets, how does taxing the sale of those assets triple today's rates help POC?
"Hello black people, this is Joe Biden, those of you that have stocks or owned homes now now have to pay 3x gains taxes, but so do white people. You are helped.".
Tell me what makes sense here????
If we agree that POC are less economically advantaged, and ergo there are less POC with capital assets, how does taxing the sale of those assets triple today's rates help POC?
"Hello black people, this is Joe Biden, those of you that have stocks or owned homes now now have to pay 3x gains taxes, but so do white people. You are helped.".
Tell me what makes sense here????
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