https://www.bloomberg.com/news/artic...-4-for-wealthy
Key takeaways:
-- Biden proposing hiking long term capital gains tax rate to 43.4% from 23.8% for earners of more than one million dollars a year
-- Biden will detail the American Families Plan in a joint address to Congress on April 28.
Druff, I wonder how the Ted Cruzes of the world will argue this one. A cap gains hike to 43.4% of households earning over $1 million a year or .4% of the country. Once the proper messaging gets out that this will only affect gains from investments and will be a tax on the "top 1%", the favorably will be in the high 70s to low 80s. It's like Cruz/Hawley being for the "working man" while being anti labor union at all costs. I guess they'll still have Dr Seuss and the woke MLB to worry about.
Does the GQP have any issues really at all now besides guns? This measure will also have high favorability amongst voters that identify as republican that make under $200k a year, just like the COVID-19 stimulus. If they are able to finagle it past Moscow Mitch it will be the same song and dance as the COVID bill in the house. Madison Cawthorn types will vote against it, then take credit for it.
Personally I am unsure if I support such a measure. Being an actual conservative and not some culture war cuck I find it hard to support any tax increase especially on gains from long term investments where the original investment is in post income tax money. But I do acknowledge that the government has underspent the last 50 years on on things like infrastructure and that this tax is primarily targeted to the super wealthy. I just have a hard time giving any money to the government when traditionally it is spent so wastefully.