There are lots of things to hate about Biden’s tax proposal. In fact, there is nothing to like about it at all.
But the most interesting aspect of it is not any one proposal–all of them are terrible–but the rationale put forth by the Department of the Treasury: it is all about Equity. Redistribution of wealth. Strangling economic growth.
And “getting” Whitey. That’s a big part of it, and they say so.
Equity is pretty much the only explanation for the content of the proposals because each tax code change will substantially damage the economy. The biggest and most discussed change will be doubling the Capital Gains tax rate (even more than double for wealthier people), penalizing people for making investments, and cutting into the value of equity in assets. There is also a huge increase in the inheritance tax, wiping away family wealth accumulation and destroying family…
