The 46th President is totally economic incompetent! What a fool!
Given that we live now in times of high inflation, broad based tax reductions would be in order and belt tightening as far as the federal budget is concerned!
Does he really not know that the top income earners pay already by far the most federal income taxes at least 50-60% of all federal income taxes!
In other words, the rich have already been squeezed for decades!
This is not his first tax hike proposal. See e.g. here (Capital gains tax).
"In 2019, the bottom 50 percent of taxpayers (taxpayers with AGI below $44,269) earned 11.5 percent of total AGI and paid 3.1 percent ($48.4 billion) of all federal individual income taxes.
The top 1 percent (taxpayers with AGI of $546,434 and above) earned 20.1 percent of total AGI in 2019 and paid 38.8 percent of all federal income taxes." (Source)
The demented and senile 79 years old 46th President has been a lifetime career politician and a frequent habitual liar for decades. He is an empty suit who will say and do anything to stay in power or to promote his glory. The Biden clan’s shady, but lucrative dealings with Russia, China, Ukraine have probably compromised the 46th President. If he continues like that, he sure will go down as one of the worst presidents ever!
"The proposal would affect fewer than 20,000 households, and it would apply only to those who don’t pay at least 20% in tax on a combination of income as typically defined and their unrealized gains on unsold assets such as stocks and closely held businesses. The plan would generate roughly $360 billion in revenue over 10 years, according to a White House fact sheet released in advance of Monday’s full budget proposal. That is about twice as much money as raising the top individual income-tax rate to 39.6% from 37%, and it would affect a much smaller group of people. ..."
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