{"id":394309,"date":"2021-04-26T16:13:00","date_gmt":"2021-04-26T20:13:00","guid":{"rendered":"https:\/\/admin.rushlimbaugh.com\/?p=394309"},"modified":"2021-04-27T16:11:03","modified_gmt":"2021-04-27T20:11:03","slug":"rush-explains-why-bidens-capital-gains-tax-hike-will-be-a-disaster","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2021\/04\/26\/rush-explains-why-bidens-capital-gains-tax-hike-will-be-a-disaster\/","title":{"rendered":"Rush Explains Why Biden\u2019s Capital Gains Tax Hike Will Be a Disaster"},"content":{"rendered":"

BRETT: President Biden\u2019s gonna do<\/a> what\u2019s essentially the fill-in for a State of the Union Address, though it\u2019s not the State of the Union Address. It\u2019s a joint address to Congress. The Senate will be there, the House will be there, and they\u2019ll be listening to all these big ideas that President Biden has to roll out. And one of the biggest, maybe the biggest potentially dangerous idea that he\u2019s gonna roll out is this capital gains tax hike.<\/p>\n

This thing is monstrous. We\u2019re talking about a capital gain tax hike so serious and severe that it caused the Dow to plummet last week at the end of the week. He wants to “raise taxes on millionaire investors, fund education and other spending priorities as part of an effort to overhaul the U.S. economy. Biden will also seek an increase in the tax on capital gains to 39.6% for those Americans earning more than $1 million.”<\/p>\n

And reports are saying that the president will release that proposal formally as this week unfolds as part of the goal to fund the American Families Plan. So, we\u2019re looking at a massive tax hike, a massive, insane tax hike at a time that we really don\u2019t need that. Well, Rush talked about capital gains in his on-the-spot analysis of the Democrat debate from 2019.<\/a><\/p>\n

RUSH: “What you do is you raise the capital gains tax. It is obscene that rich people, who make their money investing, get such a small tax rate compared to people who are working for their money.”<\/p>\n

\"\"Now, there are people who do nothing but play the stock market, that\u2019s how they earn their money. They sit there and they trade stocks, and they try to trade in a way that makes \u2019em a lot of money. And on capital gains, appreciated stocks — stock that you buy and it gains wealth or gains value and money — the capital gains rate is 15%, 18%. I forget what it is. He wants to raise that \u2019cause (impression), “It just isn\u2019t fair! It\u2019s not fair that people who don\u2019t work should have a little rate where people who are working pay more.”<\/p>\n

And lowering the capital gains rate is what results in unforeseen amounts of money pouring into the country\u2019s Treasury. No matter how you slice it, these people want to start raising taxes. They get into guilt trips about having money and being rich and agreeing that they\u2019re not paying enough in taxes. It becomes tiresome. It\u2019s just, it\u2019s worn out. Nothing new. Nothing but guilt over having been successful and a promise to get rid of the success, get rid of the wealth, a promise to make the rich “pay their fair share.” You talk about a tired, worn-out cliche that the rich aren\u2019t paying their fair share when the top 1% is paying almost 50% of the entire tax burden now?<\/p>\n

BRETT: When you look at the arguments that are being laid out by not just Joe Biden and Kamala Harris, but at the Treasury department level, where you got Janet Yellen going around the world attempting to cobble together an agreement with all these other countries that there will not be any of these other nations out there that will undercut everybody else in terms of tax rates. Right? So we\u2019re gonna have a 28% corporate tax.<\/p>\n

“Let\u2019s make sure everybody gets together and collude.”<\/p>\n

Remember when “collusion” was a big word?<\/p>\n

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