The Market Ticker - Biden's Tax Change: Accidentally Smart
People are going bananas over Biden’s proposal on taxes (to pay for his “infrastructure” program) that would raise long-term capital gains to as much as 42% and change for people who make over a million.
Let’s get down to brass tacks on what this proposal really is: It is the elimination of the “capital gains” rate for high-earning people entirely; Obamacare already added the Medicare tax back on capital gains (unearned income) at a relatively-higher income level, so that’s not a new tax.
Reality is that nobody who will get hit “as proposed” (on incomes over $1m) is “middle class” and certainly not “poor”, no matter where you live. $1m, even in the highest cost areas, is a very nice income indeed and only a couple percent of people get there.
This…….
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Source: https://market-ticker.org/akcs-www?post=242196
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