Authored by Liam Cosgrove via The Epoch Times (emphasis ours),
President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to estimates by economist Arthur Laffer, a former adviser to Ronald Reagan. The increase would more than double the tax investors pay on investments held longer than one year.
Authored by Liam Cosgrove via The Epoch Times (emphasis ours),
President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to estimates by economist Arthur Laffer, a former adviser to Ronald Reagan. The increase would more than double the tax investors pay on investments held longer than one year.
Poster Comment:
Ditto for income taxes. Suppose your wages your wages go up 400% but prices go up 1,000%. Your purchasing power was cut 60% but you were pushed into a higher tax bracket so your pay cut was really 65% or more.