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- Jun 13, 2012
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Biden plans to effectively end the hugely expensive and illogical tax concessions given to the wealthy to encourage them into wanting more passive income.
This is the missing link in tax reform which I hope gives other leaders the balls to do the same.
"President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6 per cent to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal."
It's hard to believe its been the orthodoxy that we need bigger tax concessions to encourage passive income than we do to encourage worked income.
I expect a world of negative Biden press to be forthcoming. Poor farm families and mum and pop property investors being wheeled out as victims despite their high net worth status.
This is the missing link in tax reform which I hope gives other leaders the balls to do the same.
"President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6 per cent to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal."
It's hard to believe its been the orthodoxy that we need bigger tax concessions to encourage passive income than we do to encourage worked income.
I expect a world of negative Biden press to be forthcoming. Poor farm families and mum and pop property investors being wheeled out as victims despite their high net worth status.