The NY Times has a piece out yahoos morning that points to the fact that the President is asking for tax increases on capital gains that are NOT higher then they where back in the day in the 1940 – 1960 or even 1990….
The rich these days make more and are more numerous ….
Added to this is the fact that Biden will NOT get the increased rate he’s asking for…
He knows that….
Congress will make the call in. the end….
I’m betting that while Biden WILL get some sort of increase out of Congress…
Somewhere in the fine print will be a way for the rich and big business to Cawl back some the increases in the end….
A good amount of the top corporations in American pay NO TAXES and some actually get money back…..
I seriously doubt that will change….
Wall Street ain’t crying about this , eh?
They know something?
Business lobbyists and conservative think tanks are not big fans of President Biden’s proposed tax increases on the wealthy.
The Tax Foundation has said that Biden wants to raise the capital gains tax to “highs not seen since the 1920s.” Suzanne Clark of the U.S. Chamber of Commerce called the same plan “outrageous.” Jay Timmons of the National Association of Manufacturers called the proposed increase in the corporate tax rate “archaic.” And Brendan Bechtel, the chief executive of the construction company that bears his family name, said that “it doesn’t feel fair.”
All of this rhetoric has obscured a basic fact about Biden’s tax plan: It would not actually raise tax rates on the rich to high levels, historically speaking.
If all of Biden’s proposed tax increases passed — on the corporate tax, as well as on investment taxes and income taxes for top earners — the total federal tax rate on the wealthy would remain significantly lower than it was in the 1940s, ’50s and ’60s. It would also remain somewhat lower than during the mid-1990s, based on an analysis that Gabriel Zucman of the University of California, Berkeley, did for The Morning….
Whether you like Biden’s plan or dislike it, it is not radical. For that reason, it is highly unlikely to have the harmful effects on economic growth that its critics are claiming. Remember: In the 1990s, the last time tax rates were as high as the ones Biden has proposed, the economy boomed. It also grew rapidly after World War II, when tax rates were higher yet….