Asking for a 44.6% top LONG TERM capital gains tax and certain dividends. That would put 5 states (California, NJ, Oregon, Minnesota, and NY) over the 50% combined federal and state income taxes. Care to guess how many folks exit those states over the next five years?
I cannot stress how bad this would be for the economy. The economy runs on money creation thru loans and fractional reserves. This will tie up money in investments to avoid paying taxes on the profit.
He is also asking for a corporate tax rate of 28% which will incentivize companies to move their businesses to lower tax countries.
This is how you destroy an economy. This shows you that this administration has no idea how to run an economy. The think raising taxes will increase their tax collections when the exact opposite has been shown to be true almost every time.
If Biden gets this and a second administration, you will see a great depression type of event as we near the 100 year anniversary of the last one.
I cannot stress how bad this would be for the economy. The economy runs on money creation thru loans and fractional reserves. This will tie up money in investments to avoid paying taxes on the profit.
He is also asking for a corporate tax rate of 28% which will incentivize companies to move their businesses to lower tax countries.
This is how you destroy an economy. This shows you that this administration has no idea how to run an economy. The think raising taxes will increase their tax collections when the exact opposite has been shown to be true almost every time.
If Biden gets this and a second administration, you will see a great depression type of event as we near the 100 year anniversary of the last one.
