The Runback: Capital Pains

Biden's Plan is Predicated on a Capital Gains Hike that will hurt the Middle Class

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Podcast Episode #30

This week we talk with Jason Buckel, the new Minority Leader in the Maryland House of Delegates.

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News and Politics


Shameless Plugs

The Monday Thought

The latest unaffordable boondoggle is expected to come from the Biden Administration this week when the President unveils his so-called “American Families Plan” prior to his first address to a Joint Session of Congress on Wednesday.

Part of the Biden plan looks to raise the Capital Gains Tax:

President Joe Biden is expected to propose doubling the tax rate wealthy Americans pay on investment returns when they sell stocks and other assets….

….Investors currently pay a 23.8% top rate on long-term capital gains.

That includes a 20% capital-gains tax on assets held in taxable accounts for more than a year. It also includes the 3.8% surtax on net investment income, which was created by the Affordable Care Act to fund Medicare expansion.

Under current law, long-term capital gains are taxed favorably with respect to wages. The wealthy pay a top 37% rate on wage income, for example.

The White House plan would instead tax capital gains as ordinary income, at a top proposed rate of 39.6%. It would apply to those with more than $1 million in annual income, according to Bloomberg.

The Biden plan would also keep the Medicare surtax in place — creating a top long-term capital-gains rate of 43.4%, according to Bloomberg.

The Tax Foundation notes that the real Capital Gains rate will be close to 50% once state taxes become part of the equation.

Biden and other Democrats like to use the Capital Gains tax as their go-to tax to propose hikes to. They have conditioned a large number of Americans to believe that only the wealth have Capital Gains to consider and that, by raising this specific tax, that Democrats are soaking the rich on their behalf.

What Democrats fail to take into account is that more and more people every year and impact by Capital Gains. The number of people who are investing in the market, whether its with professional management or trying to ride Dogecoin to the moon, is increasing not just every year, but every day. Average Americans are trying their hands at stocks using the data available. And they are achieving significant short and long-term gains.

These aren’t institutional investors or country club-types. These are hardworking Americans who want to be able to save and invest a little more. And Biden is taking aim at these hardworking Americans under the guise of ‘helping families.”

There’s a lot of other nonsense in Biden’s “Families Plan” too:

The key components of the plan consist of roughly $300 billion in education funding, the biggest pot of which includes funding to make two-year community colleges tuition-free; $225 billion in child-care funding; $225 billion for paid family and medical leave; $200 billion for prekindergarten instruction; and $200 billion to extend more enhanced Affordable Care Act subsidies, according to three people briefed on the plan who spoke on the condition of anonymity.

If Biden were serious about helping families, he wouldn’t be proposing this radical overhauling of the American economy, nor would be be proposing his $2 trillion Infrastructure Bill that is little more than a Christmas Tree, upon which ever radical left-wing priority has been hung with care.

Maybe it’s time America needs a real American Families Plan. One that repeals government subsidies, one that eliminates layers of the bureaucracy, one that eliminates the Capital Gains tax entirely so that Capital Gains can be taxed like regular income, and repealing the entire income tax code, and replacing it with a simple flat tax with limited deductions.

That’s what American Families need. But neither party in Congress seems inclined to do it. Just more arguing, more spending, and more pain on American families emiating from our nation’s capital.