Notice the timing- after tax day, and before the next tax day, and before election. Their thinking is that the wealthy won’t be affected by increased taxes before the next election, so they will still vote dem.
The capital gains tax is 20% plus 3.8 for obamacare on unearned income. So it’s 23.8 percent. Very close to 25 percent already so WTF is he talking about. Unless he wants to tax unrealized capital gains. Someone should ask Biden about this, it would be fun to hear him try to say the word “unrealized”.
“Their thinking is that the wealthy won’t be affected by increased taxes before the next election, so they will still vote dem.”
There aren’t enough billionaires to affect an election with their votes. Where billionaires make a difference is in funding candidates. Which is why Congress provides plenty of special provisions, loopholes, exemptions and deductions billionaires can use to offset increases in tax rates during times when Democrats raise top rates.
This is largest billionaire loophole is “carried interest”. Trump mentioned repealing
it during the 2016 campaign, a promise immediately forgotten when he took office. Democrats occasionally mention it during campaign season but never take action on it.
And, it will make sure that exemptions will be in place for all of its buddies. Like Newsome (next Pres) did for the minimum wage out here in CaCaLand — he inserted a exemption for a big donor and budd.