President Biden has proposed increasing the rate at which capital gains are taxed on anyone earning more than $1m a year. That’s .3% of people or 3 in 1,000.
Why are so many of the 99.7% of people for whom the tax increase is completely irrelevant so upset at the proposal?
What’s the principle at work? Millionaires are an aggrieved group who deserve a break from people of ordinary means?
Its a slippery slope is likely the reason – what about .9 million, and/or let’s increase the rate. I heard (did not research) that it would be a ~39% tax rate. If that’s true, that seems pretty high, even if I’m bringing in $1.mil, I mean, $600k.
But still, 7-8 out of 1,000 make $800-$999k? Sounds like the Senate will reduce the increase so no need to reduce your hours. 🤓