Written bu Urvi Sakurikar
On Thursday, stocks seemed to be in a shaky position as investors work to economically recover and focus on their company earnings reports.
President Biden’s newest economic proposal involves raising the capital gains tax as high as 43.4%, causing many stocks to drop.
Under this policy, people who earn $1 million would pay 39.6% in taxes, and combined tax rates for New York and California could rise above 50%.
The extra tax money in President Biden’s proposal is intended to fund the upcoming “American Families Plan;” a massive 1.8T spending bill that aims to make sweeping and drastic changes.
When the economy of some states, especially California, is still in repair from the pandemic, the last thing the country needs is anything bringing down the stock market and proposing higher taxes.
In addition, the country does not need any more social spending at the expense of taxpayers. People work hard for their money and high tax rates are only going to force people to work even more while bringing home less money in the end.
From the worsening border crisis to complete neglect of immigration to policy, and now the economy, the Biden administration’s policies have done nothing but damage to this country.
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