Whitey Ford
04-30-2024, 02:27 PM
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WASHINGTON (TND) — A Biden administration proposal to avoid tax rates which “disproportionally benefit White taxpayers" is drawing accusations of being "anything but" equal.
In March, the Treasury Department released its 2025 budget proposal, which suggested increasing the top capital gains tax rate to 44.6%. Capital gains tax refers to the sum of money the government takes from an investor after they sell an asset. These can include stocks, bonds and real estate.
Certain people can take advantage of a preferential rate, or decreased tax rate. These rates, budget authors wrote, "disproportionally benefit White taxpayers who receive the overwhelming majority of the benefits of the reduced rates.”
In proposing a solution to this, budget authors suggested a pair of proposals which would hike the capital gains tax rate to 44.6% for certain high-income earners with taxable income of more than $1 million. Michael Seifert, CEO of digital marketplace PublicSquare, told The National Desk Thursday the proposal is anything but fair.
“It's a complete mess, and it produces anything but equality,” Seifert said. “I think utilizing the levers of our economy in order to spawn a social agenda is a very dangerous road to go down.”
https://www.abc3340.com/news/nation-world/dangerous-biden-admin-slammed-for-tax-rate-proposal-to-avoid-helping-white-taxpayers-treasury-department-federal-budget-capital-gains-tax-taxpayers-publicsquare-michael-seifert
WASHINGTON (TND) — A Biden administration proposal to avoid tax rates which “disproportionally benefit White taxpayers" is drawing accusations of being "anything but" equal.
In March, the Treasury Department released its 2025 budget proposal, which suggested increasing the top capital gains tax rate to 44.6%. Capital gains tax refers to the sum of money the government takes from an investor after they sell an asset. These can include stocks, bonds and real estate.
Certain people can take advantage of a preferential rate, or decreased tax rate. These rates, budget authors wrote, "disproportionally benefit White taxpayers who receive the overwhelming majority of the benefits of the reduced rates.”
In proposing a solution to this, budget authors suggested a pair of proposals which would hike the capital gains tax rate to 44.6% for certain high-income earners with taxable income of more than $1 million. Michael Seifert, CEO of digital marketplace PublicSquare, told The National Desk Thursday the proposal is anything but fair.
“It's a complete mess, and it produces anything but equality,” Seifert said. “I think utilizing the levers of our economy in order to spawn a social agenda is a very dangerous road to go down.”
https://www.abc3340.com/news/nation-world/dangerous-biden-admin-slammed-for-tax-rate-proposal-to-avoid-helping-white-taxpayers-treasury-department-federal-budget-capital-gains-tax-taxpayers-publicsquare-michael-seifert