Voters who understand economics must wonder about President Joe Biden’s mental capacity when he proposes tax policies that would undermine the nation’s future prosperity. Biden appears to want an economically weak nation where young people would experience a steadily declining standard of living.
I say this because in his 2025 budget request, Biden proposes to raise the tax rate on long-term capital gains — assets held for a year or longer — to the same level as the tax rates on ordinary income. Biden’s proposal would raise the top marginal rate on ordinary earned income from the current 37% to 39.6%, and he proposes taxing long-term capital gains income for the more successful at ordinary income rates.
Under current law, for the most affluent, long-term capital gains are taxed at 20%. Short-term capital gains are already taxed at ordinary income rates. For high…
