“Shark Tank” star and investor Kevin O’Leary said Wednesday on Fox Business Network’s “Kudlow” that Vice President Kamala Harris’ plan for an unrealized capital gains tax was “un-American.”
Kamala Harris’s proposal to tax unrealized capital gains is unconstitutional, unworkable, and “economically destructive,” per tax experts.
President Biden’s blockbuster $6 trillion budget assumes that his proposed capital-gains tax hike took effect in April, according to the Wall Street Journal.
President Joe Biden spoke to a joint session of Congress Wednesday to propose a $1.8 trillion “human infrastructure” proposal that comes with a myriad of tax increases, including expanding the death tax.
Biden will try to claim that his government spending blowout and proposed tax increases and labor regulations will help the economy, which reached new heights under Trump.
Stocks fell on the news that Biden plans to nearly double the tax on capital gains for wealthier Americans.
“I’m not looking at a tax cut now,” Trump said while talking to reporters on the White House lawn.
“I think the word ‘recession’ is inappropriate because it’s just a word that certain people, I’m going to be kind, certain people in the media are trying to build up because they’d love to see a recession,” Trump said. “We’re very far from a recession.”
A survey of hundreds of individuals with investable assets of $1 million or more reveals that the majority would support Sen. Elizabeth Warren’s (D-MA) plan to impose a wealth tax on millionaires and billionaires.
Indexing capital gains for inflation would be a big break for business owners and homeowners.
“I think about the kids,” the secretary said, reports the Dallas News. “I think we need to stay focused on what’s right for kids. And I hope that adults would keep adult disagreements and disputes in a separate place, and serve the students that are there to be served.”
Silicon Valley’s unemployment rate has jumped almost a full point since May, to 3.9%. It could reverse California’s epic seven-year economic boom, and could lead to a crash just as epic.
Governor Jerry Brown warned in his May Revised Budget last week that California is expected to suffer a $20 billion tax crash in it next recession.
Governor Jerry Brown shocked Sacramento on January 8 when he announced his opposition to two November union-backed ballot initiatives that would sell a $9 billion school construction bond and extend Proposition 30 tax surcharges on the wealthy.
With the “one percent” paying more than 50 percent of state taxes, a sustained stock market crash would shrivel California’s “one-time” capital gains taxes and throw the Golden State back into a financial crisis.
California not only has the highest poverty rate in the U.S. at 23.4 percent, but that rate is now also higher than Greece, at 22.3 percent.
