Name:   MartiniMan - Subject:   Goofy??????? Date:   7/21/2021 8:54:05 AM (updated 7/21/2021 9:43:45 AM)

As I understand it he is proposing a 43.3% capital gains tax rate for those who are in the highest tax bracket.  Any income over around $500K (single) or $600K (joint) triggers the highest tax rate.  The income level that puts someone in the top 1% is over $700,000 per year.  So no, this is not going to just impact the top 1%....not even close. 

But more to the point, an increase in capital gains actually lowers the revenue to the Treasury as explained by the UPenn Wharton business model.  When capital gains are high investors hold onto their investments longer...it's called the "lock-in effect".  UPenn has estimated that the higher rate will reduce revenue to the Treasury by $33B over 10 years.....others have it at over $100B.  Regardless, if Dementia Joe wanted to increase revenue to the Treasury he should leave capital gains taxes where they are or lower them.  Here's a good explanation in The Hill for your economic education.

https://thehill.com/opinion/finance/561274-bidens-capital-gains-tax-increase-is-more-unproductive-misdirection

Economic illiteracy and repeating the lies of the administration are no virtue.  Read the article and learn something.