President Joe Biden’s forthcoming capital gains tax hike proposal would affect only a 0.3% slice of U.S. taxpayers, a top economic aide said on Monday.
The soon-to-be-announced tax hike will treat those investment gains as wages for top earners and applies only to about 500,000 households, according to Brian Deese, who runs Biden's policy-writing National Economic Council. A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao
That political process and widespread business group opposition is widely expected to mean a lower tax rate than the White House initially proposes will ultimately be adopted.
OH PLEASE!
And will actually raise less tax dollars - those taxpayers will just not sell & trigger the higher tax!
And yet the Republicans I know who can't even afford to drive a car built in this decade think somehow their taxes are going to skyrocket and are dead set against taxing the rich. lol.
All it will do is chase the wealthy away.
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