Mumbles Biden Mum On ‘Dumb’ Capital Gains Tax Hike?

President Biden is old enough to remember these prescient if paraphrased words of JKF: “Ask not what your county can do for you if you tax capital gains too much cause the answer will be nada.” Or, at least, Uncle Sam will collect LESS taxes rather than more if Mr. Biden’s proposed 43.4% capital gains rate (from the current 23.8% rate) is made law.

In its “Dumbest Tax Increase” the WSJ quoted Kennedy verbatim: “The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital…” and, therefore, how much revenue it generates. And, as the Congressional Budget Office has made it clear since, the revenue-maximizing rate for capital gains is about 28%...[it] found that for each 1% increase in the capital gains rate [above that level], there is a 1.2% REDUCTION in realizations…” Concluded, the WSJ, “a Democrat [or progressive economist] who said that today would be excommunicated, but it’s true.”

This, then, can’t be Joe talking. In fact, NY Post columnist Michael Goodwin noted that today’s “mumbling” POTUS is “not the same man” of just a few years ago. Well, maybe it’s Bernie Sanders talking when Joe mumbles about taxes in a low pitch and Elizabeth Warren when he mumbles in a high pitch?

Davd Soul