Sumary of Biden’s soak-the-rich tax plan diluted by Democratic allies in Congress:
- Fox News contributor Brian Brenberg joins ‘Kennedy’ to discuss how the pandemic impacted U.S. federal income taxes President Biden campaigned on a promise to raise taxes on the very richest Americans, unfurling just months after he was elected one of the biggest tax hikes in decades to help fund his $4 trillion economic agenda.
- SOME RETIREES COULD SEE 5% SOCIAL SECURITY RAISE WITH BIDEN AS PRESIDENTHouse Democrats also weakened Biden’s push to tax long-term capital gains as ordinary income for individuals earning more than $1 million.
- Instead of raising the top rate on capital gains to 39.6%, Democrats pushed it incrementally to 25%.
- Taxes on long-term capital gains – generally classified as an asset that’s held for more than one year – currently range from 0% to 20%, depending on a person’s income.
- Wealthier investors are also subject to an additional 3.8% tax on long- and short-term capital gains that’s used to fund ObamaCare.
- Short-term capital gains on assets sold within a year are typically taxed as ordinary income.
- Eliminating the practice – coupled with raising the top statutory rate on capital gains from 20% to 39.6% – would generate an estimated $113 billion in new revenue over the next decade, according to recent findings from the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School.