Biden Launching A Broad Attack On Our Prosperity

By Lawrence Kudlow Special to the Sun | April 28, 2021 

So let me get this right. President Biden has proposed the highest capital gains tax in, probably, history. I’m not quite sure. I know, though, that it’s the highest in the past 50 years.  At 43.4% — added with the corporate tax — that gets you to more than 50%. And then, of course, state capital gains will get you close to 60%. Nobody in Europe is even close to that.  Not even Bernie Sanders’ beloved Sweden, which is at 30%. By the way, China is at 20%. And, by the way, China’s 25% corporate tax would be lower than our 28%.  So it’s the combination of jacking up taxes on companies, and their profits, and their gains, or any time you sell a small business —or a farm or a ranch — you pay capital gains....

So it’s pouring taxes on taxes and attacking investment, which is the key to blue-collar middle class living standards. They’re being attacked.................Now, today, comes word that this isn’t enough. Mr. Biden wants a cool $80 billion dollars to beef up IRS audits of high earners......as a way to level the tax playing field between typical American workers and high earners .....

Team Biden expects to raise $780 billion dollars in new tax revenues. Believe me, folks, they won’t get half of that. They might not even get a third.  It’s been tried before and failed utterly. You know what this is? Just another tax. Just another one. You know to what this leads us? Big time politically motivated audits...........It’s one thing after another — taxes, spending, greening, laboring, regulating — you name it. It’s the far, far left progressive agenda.........To Read More....