Critics of Biden’s capital gains tax hike have been relying on voodoo instead of facts. It’s almost like invoking hamburger shortages. bloomberg.com/opinion/articl…
The wealthiest 1% of Americans reported about 75% of all long-term capital gains in 2019, according to the Tax Policy Center, with the wealthiest 0.1% — the cohort with annual incomes above $3.8 million — hauling in more than half of all capital gains.
The stock market overall has been on a mammoth upward swing since 1987 despite seismic upheavals such as the 2008 financial crisis and the arrival of the Covid-19 pandemic last year. It continued soaring despite capital gains hikes as well.
The calamities that outraged opponents of a capital gains tax hike argue would befall the economy, government and markets -- lower investment, lower government tax revenue, plunging stock prices -- don't have traction in the real world or in much of the data.
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