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Biden to raise taxes to highest level since the 1920's

 
SlowJoe
User ID: 77925855
United Kingdom
04/22/2021 09:26 PM
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Biden to raise taxes to highest level since the 1920's
President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans, including the largest-ever increase in levies on investment gains, to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers, sources familiar with the proposal said.

The plan is part of the White House's push for a sweeping overhaul of the U.S. tax system to make rich people and big companies pay more and help foot the bill for Biden's ambitious economic agenda. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

That would be the highest tax rate on investment gains, which are mostly paid by the wealthiest Americans, since the 1920s. The rate has not exceeded 33.8% in the post-World War Two era.


News of the proposal - which was a staple of Biden's presidential campaign platform - triggered sharp declines on Wall Street, with the benchmark S&P 500 index down 1% in early afternoon, its steepest drop in more than a month.

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oridin
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04/22/2021 09:38 PM
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Re: Biden to raise taxes to highest level since the 1920's
 Quoting: SlowJoe 77925855


The plan is part of the White House's push for a sweeping overhaul of the U.S. tax system to make rich people and big companies pay more and help foot the bill for Biden's ambitious economic agenda. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

$1,000,000 isn't what it used to be.

A lot of people are worth more than a million these days, the United States added an estimated 675,000 new millionaires from 2018 to 2019 alone.

[link to spendmenot.com (secure)]
Icey

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04/22/2021 10:12 PM
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Re: Biden to raise taxes to highest level since the 1920's
Guess what happened in the 1920's?
I am SNOWIE. WELCOME TO THE NEW ICE AGE. TRY NOT TO STARVE.
Anonymous Coward
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04/22/2021 10:14 PM
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Re: Biden to raise taxes to highest level since the 1920's
[/youtube]
Anonymous Coward
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04/22/2021 10:14 PM
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Re: Biden to raise taxes to highest level since the 1920's
This should end well.
This Is Not Me

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04/22/2021 10:17 PM
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Re: Biden to raise taxes to highest level since the 1920's
Party at my place when pedo Joe is burning in hell.
Anonymous Coward
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04/22/2021 10:20 PM
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Re: Biden to raise taxes to highest level since the 1920's
Tax deferred shelters....other tricks.... guess who will fit the budget bill?





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