Joe Biden’s proposed tax hike proposal is based on racial criteria

| April 30, 2024

One of Team Biden’s plans to ease racial wealth inequality involves targeted tax hikes on capital gains and on income associated with Whites. A Treasury Department report claimed that White families disproportionately are in a higher tax bracket due to their income. They also disproportionately hold assets impacted by capital gains taxes. By taxing these assets, they could benefit Hispanic and Black families.

From the Daily Caller:

The Biden administration argues for taxing capital income for high-income earners at “ordinary rates,” increasing the top rate from 37% to 39.6% for those who earn more than $1 million a year. Taxes on net investment income would also be hiked by 1.2 percentage points to 5% for those who make over $400,000 per year, bringing the total top marginal rate to 44.6%.

“Taxing capital gains at 44.6% at the federal level — not to mention state taxes — would be economic suicide,” Preston Brashers, research fellow for tax policy in the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the Daily Caller News Foundation. “Before the tax ever took effect, investors would rush to pull their money out of equities subject to such exorbitant tax rates. U.S. businesses would be starved for capital, and business activity would slow to a crawl. Ultimately, corporate income and capital gains income would fall off a cliff, so the net result would be less tax revenue, not more. The middle class and working class would be slammed with mass layoffs and lower real wages.”

The Treasury estimates that white families are the recipients of 92% of the benefits of preferential rates on capital gains and qualified dividends, compared to 2% and 3% for Hispanic families. Only 0.4% of white families, less than 0.05% of black families and 0.1% of Hispanic families will be affected by the proposed rule change on capital gains.

“So, if President Biden’s goal of redistribution is to make the rich poorer, his proposal would be successful,” Brashers told the DCNF. “But if the goal is to lift up the middle class, the plan would fail spectacularly. Note, even the Urban-Brooking Tax Policy Center use estimates that imply that the revenue-maximizing long-term capital gains rate is about 28%, so it’s clear that Biden’s proposal is on the wrong side of the Laffer curve.”

The Daily Caller provides additional information here. The report is available here.

Category: Government Incompetence, Joe BIden

42 Comments
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Green Thumb

Wow.

Just fucking wow.

SFC D

Fuck Joe Biden. Repeatedly.

Odie

Who wants to volunteer. Bring ice cream, you’re in like Flynn.

President Elect Toxic Deplorable Racist SAH Neande

With a pineapple. Extra large. Fronds first.

Andy

Yet, we are the racists? How about you sorry assholes get off the government tit and find your own way.

QMC

What further boggles the mind is how there can be so many idiot white women that will go right along in voting for this crap.

*see also The View demographics.

Anna Puma

Class warfare carried out by classless apparatchiks

AW1 Rod

The gibbering geriatric halfwit and his acolytes are dangerously stupid. Or bent on the destruction of America. Or both.

Anna Puma

Embrace the healing power of “and.”

UpNorth

I gotta steal the “gibbering, geriatric halfwit”. Best description of Pedo Joe yet.

2banana

Funny how woke university endowments escape taxation.

Roh-Dog

33 years ago, John Singleton tried to warn his people*. (video)
What’s changed and why hasn’t it?

This is just to sow more division and discontent, wrapped up in making us all poorer and weaker by consolidation of power to a disinterested authoritarian machine, devoid of logic and soul.

(*I’m not a fan of separating His creation into man-made categories, just using the vernacular for emphasis)

Don’t get me started on the “unrealized gain” tax theft. How can you have an illiquid asset, subjected to market conditions for valuation, and make a reasonable determination on its cost or price?

Anonymous

Not “racist” when Democrats do it.

Berliner

Wondering where the “Hunter exemption” is hidden in the legislation…

Fyrfighter

Never underestimate Joes ability to F@#K things up…

Make no mistake, those pushing this (and pulling bidens strings) know what the result will be, and it’s all part of the plan..

Forest Bondurant

FJB is an imbecilic cocksucker.

Fuck him, his policies, and his party.

26Limabeans

Nobody axed to be taxed.

Prior Service

Idiocy.

Anonymous

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Last edited 1 month ago by Anonymous
President Elect Toxic Deplorable Racist SAH Neande

Where can I buy one?

I want the tailgate wrap of slo jo hog tied in the back of a pickup.

Jay

So I can just identify as BLACK and keep more of my money? Check…

David

Ain’t any gain until it’s sold. Buy it for $1000, its value is $1000 only when you sell it. Until then, as Sam Walton said about his ’87 losses, it is all just paper. SELL it for over $1000, you have gains. Or losses, if you sell it for less than $1000. Or am I missing something?

Anonymous

Democrats also want to tax “unrealized” gains; i.e., your stock went up so pay taxes on it.

So, when (if they get that through) you buy stock or gold, for that matter, you’ll have to register that with the gov’t somehow so they know (i.e., get an IRS Form 1099) so you have to file a return on it when the worth goes up. You know what registration of wealth is also good for, comrade?

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Hate_me

We fought an entire revolution over a 2% tax on tea. I don’t even drink tea more than maybe three times a year.

Now, they want to tax my money before it’s even earned me any profit, so they can tax it again when it goes into my account, tax the interest as it sits there, tax it when I pull it from my account and put it in my pocket, then tax it again when I pull it out of my pocket and spend it on booze they’ve already taxed a hell of a lot higher than 2%.

Anonymous

And it’ll be a “rule” by the IRS, not a law elected representatives voted on and the president signed, too.

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Hate_me

Our nation was founded on a crime. I’m not about to throw beer into the harbor (unless it’s IPA – swim back to India, you swill!) in some post-modern reenactment – but I’ll gladly tar & feather an unelected representative or two.

Odie

He did recently say Trump’s tax cuts are disappearing, and they ain’t coming back.

Sparks

This is just a complicated, multi-million tax dollar way, of the government saying, “Why don’t you hard-working white people just cut a monthly check to some multi-generational welfare asshole. Fuck em! Get off your asses and go to work. If they want to go to college, they go to the head of the line and pay nearly nothing. If they want a job after college, they go to the head of the line and never get fired and promoted on skin color, not merit. Every and I mean every advantage has been given to them and yet they willing would rather sit on their sorry black asses and have us taxpayers keep them alive. I’ll say it again. Fuck them!

JustALurkinAround

If It’S gOoD fOr ThE PaRtY, i’M aLl FoR iT.

In his 50+ years of public SERVICING, ol’ Joey has never displayed such a strident leftward streak as he has the past 3.5 years. It’s almost like he isn’t really running things.

Odd, ain’t it?

Odie

Things that make you say hmm 🤔

USMC Steve

He isn’t, if you look closely you will see Homey da Klown’s hand up his ass. He and the chick with a dick are in charge still.

SFC D

It’s a multi-stage process. Soros has his hand elbow deep in Obama’s ass.

Hack Stone

Before raising our taxes, how about getting Hunter Biden and Al Sharpton to pay their fair share of back taxes?

5JC

Let’s air out a few dirty secrets…..

I have a unique idea. Before we soak our own citizens why don’t we tax foreign investors? Approximately 45% of the US equity market is now foreign owned which is insanely high by historical standards The reason being is that they pay $0 in capital gains taxes. You might wonder why that would be?

Non-profits such as Universities aren’t the problem either. They own less of a percentage now than they did 60 years ago.

So instead of taxing foreigners, they are trying to get more money out of a shrinking pot. Even if they taxed domestic taxable accounts at 100% they would get less money than if they taxed foreign accounts at the current rate.

A much smarter way to go would be to LOWER capital gains to the same level as that of competing nations (about 20%) and then tax EVERYBODY the same. But then all those Arabs, Chinese and Eurocrats that paid off their favorite congressman will get very angry….

equity-ownership
5JC

Now that I think about it…. The people NOT paying any tax at all are very likely to be POC, hiding their money stolen from their country or simple oil reserves.

Hate_me

Part of me wants Mr. Trump to just concede the election to Mr. Brandon.

Economic suicide proves nothing if the wrong guy gets caught holding the knife.

Hack Stone

The last three years are an good example of “elections have consequences”.

Anonymous

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USMC Steve

And they will find that is totally illegal and unconstitutional. Should be a short trip to the supremes, if it even needs to go there. Lower courts will probably shitcan it before then.

Fyrfighter

colorado just decided to do something similar with our TABOR refund… Interesting how it’s not racist / illegal when lefties do it.