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‘Economic Suicide’: Biden Admin Justifies Tax Hike Based On Racial Criteria
Daily Caller ^ | 4/29/2024

Posted on 04/30/2024 8:32:44 AM PDT by Lazamataz

The Biden administration’s analysis of its revenue proposals for fiscal year 2025 argues targeted tax hikes that disproportionately affect white people would ease racial wealth inequality.

Increasing taxes on capital gains and income-based wealth would reduce racial wealth inequality for black and Hispanic families, the Treasury Department outlined in the analysis published in mid-March. The Treasury points out that white families disproportionately hold assets subject to capital gains tax or are in a higher tax bracket, meaning a hike in those taxes would benefit black and Hispanic families. (RELATED: US Economic Growth Slows Down Massively, Well Below Expectations)

The Biden administration argues for taxing capital income for high-income earners at “ordinary rates,” increasing the top rate from 37% to 39.6% for those who earn more than $1 million a year. Taxes on net investment income would also be hiked by 1.2 percentage points to 5% for those who make over $400,000 per year, bringing the total top marginal rate to 44.6%.

(Excerpt) Read more at dailycaller.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: biden; bidenadmin; bidenomics; bidenreich; capitalgains; fjb; racism; taxes; taxhike
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To: MRadtke

This is like fixing a flat tire by letting air out of the other three tires.


21 posted on 04/30/2024 9:16:09 AM PDT by circlecity
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To: circlecity

“This is like fixing a flat tire by letting air out of the other three tires.”

Priceless!!!


22 posted on 04/30/2024 9:25:37 AM PDT by FrozenAssets (You don't have to be crazy to live here, but it helps)
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To: Lazamataz
Utility bills will be next.

What will they do when everyone identifies as black?

23 posted on 04/30/2024 9:26:26 AM PDT by lewislynn ( Trump accomplished more for Americans in a 4 year term than any President in your lifetime.)
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To: Lazamataz

And if he gets a second term, he’ll complete the job of making the country communist.


24 posted on 04/30/2024 9:26:41 AM PDT by I want the USA back (Delusionary people should not be given power over normal people.)
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To: circlecity

“ This is like fixing a flat tire by letting air out of the other three tires.”

You colonialist white oppressor .
NOT EVERYONE HAS 4 TIRES. Some only have poor worn-out sandals .

(That’s how they respond!)


25 posted on 04/30/2024 9:31:50 AM PDT by HereInTheHeartland (Have you seen Joe Biden's picture on a milk carton?)
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To: KarlInOhio

“How much of the capital “gains” are from the Treasury and Federal Reserve continually devaluing the currency?”
Excellent point.
Also, the climate change Green Pile of C**P is very regressive but the Left doesn’t care about that. The poor have to pay more to drive, for their electric stoves and electric heat and light, but it is a drop in the bucket for the rich.

https://fred.stlouisfed.org/series/APUS12A72610


26 posted on 04/30/2024 9:32:14 AM PDT by brookwood (Anti-semitism is a predictable result of efforts to create "diversity, equity, and inclusion".)
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To: Lazamataz

.


27 posted on 04/30/2024 9:36:53 AM PDT by sauropod ("This is a time when people reveal themselves for who they are." James O'Keefe Ne supra crepidam)
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To: Williams

We are a post-Constitutional Democracy now.

The Federal Republic is dead.


28 posted on 04/30/2024 9:37:51 AM PDT by Dead Corpse (A Psalm in napalm...)
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To: ProudDeplorable

Get out the guillotine Ill be the first to pull the release on these pri###


29 posted on 04/30/2024 9:43:19 AM PDT by ronnie raygun
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To: lewislynn
What will they do when everyone identifies as black?

I'm so black, that even my blackness is black.

30 posted on 04/30/2024 9:48:43 AM PDT by Lazamataz (To anyone who also wants to see the Stealth Liberal 'joesbucks' banned, contact me by Freepmail. )
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To: Williams; Lazamataz; ProudDeplorable; If You Want It Fixed - Fix It

“How can any of this be Constitutional?”

It isn’t based on race per se. It raises capital gains taxes to the moon for everybody, but because most of capital gains are supposedly earned by whites, that tax would hit whites hardest.

It would also hit Asians AND rich black people as well, and anyone that invests in the stock market or real estate.

It would be an utter abomination for the economy.

Hopefully the thin majority republican house will kill this.


31 posted on 04/30/2024 9:49:18 AM PDT by aquila48 (Do not let them make you "care" ! Guilting you is how they control you. )
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To: Lazamataz

But do you speak jive?


32 posted on 04/30/2024 9:51:32 AM PDT by shotgun
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To: MRadtke

They don’t want equal opportunities, they want equal outcomes.


33 posted on 04/30/2024 9:53:05 AM PDT by FamiliarFace (I got my own way of livin' But everything gets done With a southern accent Where I come from. TPetty)
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To: shotgun

Cutty leg ‘er down a smack ‘em yak ‘em! COL’ got to be! S’mofo butter layin’ me to da’ BONE! Jackin’ me up… tight me!


34 posted on 04/30/2024 9:54:49 AM PDT by Lazamataz (To anyone who also wants to see the Stealth Liberal 'joesbucks' banned, contact me by Freepmail. )
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To: Lazamataz

Maybe the government will require everyone to take DNA tests to discover their racial ancestry. How much sub-Saharan African ancestry would be needed for the lower tax rate?


35 posted on 04/30/2024 10:50:15 AM PDT by Verginius Rufus
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To: Lazamataz
In the name of equity everyone has to be black.

Once again the left bastardized the language. DEI is contradictory.

36 posted on 04/30/2024 11:53:05 AM PDT by lewislynn ( Trump accomplished more for Americans in a 4 year term than any President in your lifetime.)
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To: Lazamataz
Increasing taxes on capital gains and income-based wealth would reduce racial wealth inequality for black and Hispanic families, the Treasury Department

I see. The Harris/Biden regime thinks that blacks and hispanics are just stupid little children who can't properly handle their own money ... so they have to drag White people down to the same level. For equity.

37 posted on 04/30/2024 11:55:31 AM PDT by NorthMountain (... the right of the people to keep and bear arms shall not be infringed)
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To: Lazamataz

Racial Criteria = Socialism

Guess why the democrat party has sponsored every program that promotes it.

Media waves hands

Bonus round: Fat city tax money to blow.


38 posted on 04/30/2024 1:14:01 PM PDT by Vaduz
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To: Lazamataz

“Identyfying” black is good enough, right?


39 posted on 04/30/2024 1:31:56 PM PDT by citizen (Put all LBQTwhatever programming on a new subscription service: PERV-TThose look good)
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To: Lazamataz

I identify as black, Hispanic and hell I might even have a little injun in me. Do I get a three fore?


40 posted on 04/30/2024 3:08:30 PM PDT by kawhill (kawhill)
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