President Joe Biden's $7.3 trillion 2025 budget proposal, which would raise the capital gains tax to 44.6% and $5.5 trillion in taxes over the next decade, is aimed squarely at reducing racial wealth inequality, the Treasury Department says.
President Joe Biden ’s $7.3 trillion 2025 budget proposal, which would raise the capital gains tax to 44.6% and $5.5 trillion in taxes over the next decade, is aimed squarely at reducing racial wealth inequality, the Treasury Department says.
“Before the tax ever took effect, investors would rush to pull their money out of equities subject to such exorbitant tax rates,” Brashers says. “U.S. businesses would be starved for capital, and business activity would slow to a crawl. This is why the Biden administration wants to raise the top marginal rate on long-term capital gains and qualified dividends for those making over $400,000 a year to 44.6%.
The proposal would impose a minimum 25% income tax on unrealized capital gains for those with more than $100 million in wealth. This tax could force many businesses to sell stakes in their company to pay the taxes. “The Biden economists seem to hold the Marxist view that capital and labor are bitter enemies, and that the only way that labor can win is for government to crush capital,” says Edwards, Cato’s Kilts Family Chair in Fiscal Studies.
Capital Gains Tax Race Inequality
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