White People Own Too Much, Must Pay More In Taxes – Biden’s Treasury Dept.

Written by Christopher Bennett.

Get ready, because there’s a major shift coming that might hit your wallet hard. The administration is floating a proposal that could jack up capital gains tax rates to a whopping 39% to 49.6%. This isn’t just about coughing up more at tax time; it’s a clear move towards a more Marxist approach in how wealth is viewed and managed in the U.S. The plan is to phase these increases in slowly, ensuring that more taxpayers find themselves caught in the net as time goes on.

The Treasury’s justification for these steep increases is tied to addressing racial inequities in wealth distribution. They claim that an overwhelming 92% of the tax benefits from lower rates on capital gains and dividends have gone to white families, with only a sliver benefiting black and Hispanic families. This disparity is now being used to recalibrate the entire tax system, ostensibly leveling the playing field. But the real kicker? If you’re someone who’s made smart investment choices or you’re benefiting from certain business-related tax breaks, you might soon be facing a significant tax hike, no matter your background.

A Closer Look at the Proposed Changes

This overhaul is being sold as a way to make sure the wealthy are paying their “fair share.” With billions already being sent overseas, the government says these new taxes will replenish U.S. coffers and fund enhancements to support American working families. This includes credits and subsidies aimed at reducing child poverty, making health insurance more affordable, and strengthening the middle class. However, there’s a lot of skepticism about whether these goals can actually be met with these policies, or if they’re just attractive promises that mask the bitter reality of the policy.

Moreover, this shift in tax policy is part of a broader ideological shift that’s also touching areas like education, where there’s a movement to downplay the achievements of the most successful to boost those who are behind. The goal seems not to elevate everyone to their highest potential, but to make everyone appear equally successful, regardless of true effort or outcomes. This isn’t just tax reform—it’s an ideological shift aiming to reshape our society from the ground up.

Our Take

The narrative around these proposed tax hikes is a cause for concern. It’s not just a matter of financial policy; it’s indicative of a broader push to reshape societal norms and values under the banner of equity and fairness. The real risk lies not only in the economic impact, which could be profound, but in a cultural shift that views personal success and productivity as liabilities to be controlled by government policy rather than celebrated as virtues. This could stifle innovation and discourage the entrepreneurial spirit that has been a cornerstone of American economic growth. These tax proposals are less about managing finances prudently and more about conducting a social experiment with our national economy—one that many are understandably reluctant to participate in.

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