Report: Biden’s $6 Trillion Budget Calls for Controversial Retroactive Tax Increase


H/T Western Journal.

If Joe Pee Pads Biden gets to make his taxes retroactive it will be a major disaster for the economy and businesses.

President Joe Biden’s expected $6 trillion budget proposal calls for a controversial retroactive tax increase because it assumes his proposed capital-gains tax rate increase took effect in late April.

Two people familiar with the proposal told The Wall Street Journal that Biden plans to raise the tax rate on capital gains from 23.8 percent to 43.4 percent for households with over $1 million in income and change the tax rules for unrealized capital gains at death.

The tax rate increase’s effective date would be tied to Biden’s tax increase announcement in his American Families Plan that he detailed on April 28.

Leaders of the six largest U.S. banks testified before Congress on Thursday and issued a warning that retroactive tax increases would likely cause economic…

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Author: Lisa the Infidel

I am an #Infidel - born and bred North Carolina.

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