How much of an impact will the “Biden Capital Gains Tax” have on consumers’ wallets, the economy, and the stock market? Some fearmongers are calling the “Blue Wave” tax strategy a stake right through the heart of U.S. economic recovery! Really?
My father said to me when I was a young man, “Son, believe half of what you see, and none of what you hear.” He meant this to be instructional, by that, encouraging me to take a moment to review the facts. He would say, “facts are stubborn” to drive home the point.
According to the dqydj.com calculator, 99% of American households earn less than $488,849 per year. Therefore, Biden’s capital gains rate increase, if there is a Blue Wave, and Mr. Biden defeats the incumbent President and is able to enact tax reform, the target appears to be on the back of the top one-percent income households. So, as far as Biden’s Bite, I’d say it is more of a nibble with few teeth. For now.