Biden has proposed a 45% tax on capital gains, allegedly on 'greedy' billionaires, but 12.5 million Americans – mostly middle class – pay this tax on their retirement savings.
If you’re one of the millions of Americans struggling to save for retirement today, get ready for more struggle, at least if President Biden gets his way. He’s proposing a tax hike on savings that would mean a negative rate of return for many people after adjusting for inflation. As part of his trillions of dollars in tax hikes, Biden has proposed a 45% tax on capital gains, painting it as a tax on the boogeyman of "greedy" billionaires. In reality, 12.
Progress in all those grinds to a halt when investment is choked off by tax hikes. The pie stops growing. Throttle investment enough and people’s quality of life will even retrograde. If massive tax hikes on investment are so detrimental to individuals and the economy at large alike, why would Biden propose such a disastrous policy? In short, because he and the rest of Washington, D.C., are addicted to spending. Just a few weeks ago, the White House proposed a gargantuan federal budget of $7.
This may sound terribly unfair, but it’s simple mathematics. Someone must pay for trillions of dollars in government spending. The rich hire good accountants while the poor don’t pay taxes, so it’s going to be the American middle class who pays. Whether it’s capital gains tax, corporate income tax or the hidden tax of inflation, the government will get its pound of flesh – or, in this case, 7.3 trillion pounds. Biden is turning the American dream of retirement into a nightmare.
Peter St. Onge is a visiting fellow at the Heritage Foundation.
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