The new Biden budget is almost a parody of leftwing progressivism.
The budget contains $2 trillion in new taxes and would raise federal spending by just over $500 billion next year. Did we mention tax and spend?
Here’s a list of the tax increases:
On the capital gains tax, remember the gains on a stock purchase and sale are not indexed for inflation. This means that with Bidenflation the after-inflation tax on asset sales would rise to about 60% on an asset held for more than five years.
If anything near this tax rate were applied, the stock market could suffer a 1929-style crash.
Fortunately, Republicans in the House will stop this assault on the American economy and stock market.
But it’s a worthwhile snapshot of what Democrats plan to do if they sweep the elections in 2024.