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Friday, April 23, 2021

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Click on headline to read entire article...

Rich Americans Face Biden Tax Hike With Anger, Denial and Grief

(Bloomberg) -- Charles Myers was sitting in a first-class seat on a flight from New York to Dallas when his phone started blowing up Thursday. News had just broken that the wealthiest Americans could soon face a tax rate as high as 43.4% on gains from their investments.

The chairman of Signum Global Advisors wasn’t thrilled.


“Raising capital gains taxes hurts the capital markets,” he said in a text message. “Better to raise the personal top marginal rate and estate tax. Leave capital gains and dividends alone.”


Myers has raised funds for Joe Biden, and wasn’t shocked by the White House’s plan because it was part of the president’s campaign. But the donor doesn’t think that 43.4% rate will make it into final legislation.


As the plane descended, he added: “Over-taxing success is un-American.”


(Their usual blah blah blah B.S. about disincentivizing the "job creators".)

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