Our Committee to Unleash Prosperity analysis of the Biden soak the rich tax plan finds that tax rates on investment income – such as stock gains – could rise to the preposterous level of more than 80% on millionaire investors.

The Biden soak the rich plan would:

• • • Raise the small business tax rate to 39.6%
    • Raise the corporate tax rate to 28%
    • Nearly double the capital gains rate to 44.6%
    • Impose a first-ever tax on unrealized capital gains
    • Tax gains due solely to Biden inflation

The combination of all these taxes, plus state taxes on income and dividends could mean that the government would snatch away $4 out $5 of gains made on investments of more than $1 million.

What rich person would put money at risk in a new enterprise – which might easily fail – with tax penalties this high.  The rich would be better off buying a yacht and sailing away.