Tax the rich …
And see what happens.
As you may have seen in the mainstream media, Biden is proposing a new tax on the “rich”.
It’s a capital gains tax. One that would tax Americans earning over $1 million a year at crazy rates on long-term capital gains.
How much does Biden want to tax those capital gains?
43.4%!
Even France – one of the most heavily taxed places in the world – has a capital gains tax nearly 10% lower.
In fact, no country in Europe taxes capital gains anywhere close to what Biden is proposing.
And keep in mind that Biden’s 43.4% is before State and local taxes.
Those in California (where I just left) would pay more than 54%. And those in New York State would pay an incredible 58%.
No wonder people like me are leaving New York and California in droves.
Now, though, thanks to Biden’s new proposal, nowhere in the US is safe.
Sell any asset …
Stocks … real estate … a business … gold … Bitcoin … any assets …
And lose HALF the value of the gains to taxes.
Of course, you might be thinking …
“Well Mark, I don’t make over $1 million a year, so this doesn’t affect me – who cares?”
First, do you really think, if this proposal is passed, that the threshold will stay at $1 million a year?
This is just the first of many cash grabs to come.
More importantly, why would any entrepreneur or investor who has a choice invest their time and money inside the US?
Those who can will simply take their money and go elsewhere.
This new tax that is supposedly designed to charge the rich their ‘fair share’ will end up hurting the economy and doing more harm than good.
