Biden has set His sites on accomplishing the great reset within the next couple of years and needs to strip the wealth of the nation and enslave the poor to perpetual Government service for food. The simple fact is the man is not following His own plan, His campaign slogan was the slogan of the great reset. The great reset is a communist overthrow of the World and subjugation of the people of the world to His globalist friends. A key tenant is ensuring no one owns any private property in the entire world in 9 years. A true enemy, unfortunately, we seem to have departed the age of presidents and elections.
The NYT has just published the first “official” leak detailing the outline of President Biden’s “American Family Plan”, the second part of his administration’s signature “Build Back Better” proposal (the first part, entitled the “American Jobs Plan”, was unveiled during a live press briefing in Pittsburgh earlier this month).
The second phase of Biden’s sweeping “Green New Deal”-inspired program centers on what administration officials call “human infrastructure”.
Should it pass in its current form, it would entail spending hundreds of billions of dollars on universal pre-kindergarten, expanded subsidies for child care, a national paid leave program for workers and free community college tuition for all.
While the overhaul will raise taxes on investors and millionaires via a proposal for a top marginal income tax rate at 39.6% (up from 37%, the level it was reduced to under Trump) a controversial increase in capital gains tax for individuals earning more than $1 million per year (raising the rate to 39.6% from 20%) was also included as part of the package described by the NYT.
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Bloomberg reports, President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, according to people familiar with the proposal.
The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.
A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than the top rate on wage and salary income, they said.
The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.
For $1 million earners in high-tax states, rates on capital gains could be above 50%.
For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%.