46th U.S. President wants to double capital gains tax rate to 43.4%

The cognitively impaired 46th President continues to emulate the worst president of all times, Franklin D. Roosevelt! He completely lacks economic and historic literacy! What a gigantic fool!

Confiscatory taxes have never worked! Go on 46th President, ruin the economy!

"... President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.

For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public. ..."

Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package - Bloomberg People earning $1 million would pay 39.6% plus Obamacare levy

Total tax rates for New Yorkers, Californians could top 50%