White House defends Biden's proposal to increase capital gains taxes

[mystery-ak]

White House defends Biden's proposal to increase capital gains taxes
By Morgan Chalfant and Naomi Jagoda - 04/26/21 02:41 PM EDT

The White House on Monday sought to defend President Biden's forthcoming proposal to nearly double capital gains taxes for the highest-income Americans, saying the change will only impact a small fraction of taxpayers and make the tax code more fair.

White House economic adviser Brian Deese said repeatedly at a press briefing that the capital gains tax proposal would only impact three-tenths of 1 percent of taxpayers, or about 500,000 households, and described it as a step to equalize taxation of “work and wealth” and return fairness to the tax code.

“The reforms that the president will lay out are focused on this top sliver of people and treating capital gains as the same as wages for that top three-tenths of a percent,” Deese said.

Deese appeared alongside White House press secretary Jen Psaki in the briefing room to field questions about Biden’s tax plans, in somewhat of an unusual step given that the White House has yet to lay out the broader legislative proposal that the capital gains tax hike will be a part of.

more
https://thehill.com/policy/finance/550315-white-house-defends-bidens-proposal-to-increase-capital-gains-taxes

[mystery-ak]

White House defends Biden's proposal to increase capital gains taxes

Wait a minute...I always considered the WH and President to be one in the same...the title here infers two different entities...

[christian]

Democrats forced millions of jobs out of the Country to China.  Now the democrats want to force people with money out of the Country.  Seems like they are trying for the same thing, just using a different method.

[BassWrangler]

Democrats forced millions of jobs out of the Country to China.  Now the democrats want to force people with money out of the Country.  Seems like they are trying for the same thing, just using a different method.

The worst tax, IMHO, is the corporate tax. Corporate tax increases just get passed along to consumers in the form of higher prices. If that makes them uncompetitive with foreign corporations, they either move operations overseas, or they go out of business. Either way, that's bad for Americans.