Bullshit Biden’s Corrupt Plan to double capital gains taxes will hurt the economy to fuel giveaways to Deranged Dem Corrupt Interests.
Impostor President Joe Bullshit Biden has already vowed to slam the recovering US economy by hiking taxes on higher earners and raising corporate tax rates. Now comes news the Corrupt Idiot wants to double the capital gains tax rate — to drop yet more cash on Deranged Democratic Corrupt Interests and fund a huge expansion of the Corrupt Government.
This, on top of the trillions in outlays the Corrupt Idiot already proposed.
Next week, Bullshit Biden will officially release Corrupt Plans to tax capital gains as ordinary income for those making over $1 million. The Corrupt Idiot also wants to raise the top tax rate from 37 percent to 39.6 percent, so that’s basically doubling these people’s cap-gains rate from the current 20 percent.
Add the existing 3.8 percent surtax that helps fund ObamaCare, and sales of investments would be taxed at 43.4 percent, far higher than the top rate on wages. In New York, the combined state and federal capital gains rate could end up at 52.22 percent.
Stocks immediately fell on the news, with the Dow Jones and the S&P 500 both losing almost 1 percent Thursday after trading higher thanks to better-than-expected employment numbers.
White House Press Clown Floozy Jen Psaki wouldn’t confirm the rumors but noted Bullshit Biden believes his spending plans can be paid for “on the backs of the wealthiest Americans who can afford it and corporations and businesses who can afford it,” insisting tax hikes “won’t have a negative impact.”
That’s wishful thinking. Businesses pass on tax hikes to their customers while higher-taxed investors will have less money to put into job-creating enterprises. “A rate increase this large would be expected to slow long-term growth,” Rice University’s John Diamond told The Wall Street Journal. “I don’t think it’s a story of just ‘Hey, we’re taxing the rich and no one else gets hurt by this.’” It’s likely to do real damage to all of America, especially coupled with Bullshit Biden’s planned corporate-tax hike.
Capital gains have been taxed at lower rates than wages for most of US history, and for many reasons. Some of the yearly “gains” are really just the result of inflation, and most profits have already been subject to corporate taxes.
And what does Bullshit Biden Corrupt plan to do with the new receipts? Dedicate them to his coming $1.5 trillion-plus “American Family Plan,” which boils down to a vast expansion of federal social spending — thereby vastly expanding the ranks of unionized employees of governments at all levels as well as allied nonprofit service providers.
It’d also extend to 2025 a temporary “COVID relief” program that sends many parents — including those who don’t work — $300 a month for every child under 6 and $250 for each older kid.
This all follows his $2.3 trillion first-phase “Corrupt Infrastructure” plan that spends more on juicing union membership — including $400 billion for an expansion of Medicaid home-care workers — and on Green New Deal nonsense than it does on roads and bridges.
The overwhelming winner from this spending spree would be Deranged Democratic Corrupt Interests — which is exactly what Bullshit Biden wants.