{"id":2238536,"date":"2024-05-06T16:34:02","date_gmt":"2024-05-06T20:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-tax-hike-11-states-to-have-50-capital-gains-rate-under-drastic-new-budget\/"},"modified":"2024-05-06T16:35:18","modified_gmt":"2024-05-06T20:35:18","slug":"bidens-tax-hike-11-states-to-have-50-capital-gains-rate-under-drastic-new-budget","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-tax-hike-11-states-to-have-50-capital-gains-rate-under-drastic-new-budget\/","title":{"rendered":"Biden&#8217;s Tax Hike: Capital Gains Rates to Exceed 50% in 11 States"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-tax-hike-11-states-to-have-50-capital-gains-rate-under-drastic-new-budget%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2238536&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden\u2019s budget proposal aims to raise taxes on individuals, potentially harming the economy. Dubbed as Bidenomics, this move has sparked debates. The plan could increase the capital gains tax to 39.6% \u200cfor high-income \u2062taxpayers, exceeding 50%\u200c in 11 states. Small businesses may bear the brunt, facing \u200bchallenges that could hinder innovation and growth. The proposal raises concerns about economic impact and tax fairness.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/anazarian\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/anazarian\/%20\"><span>Adelle Nazarian<\/span><\/a> <\/span> <span>   May 6, 2024 at 1:12pm <\/span> <\/span>  <\/header>\n<section>\n<p>President Joe Biden\u2019s budget proposal has set the stage for tax increase on individuals that could suffocate the economy, making Bidenomics an even bigger drag and sparking heated discussions across political and economic circles.<\/p>\n<p>It\u2019s not far-fetched to suggest that this move would have the Founding Fathers doing somersaults in their graves.<\/p>\n<p>\u201cHow would the capital gains tax change under Biden\u2019s FY 2025 budget proposal?\u201d Forbes senior contributor Robert W. Wood asked <a href=\"https:\/\/www.forbes.com\/sites\/robertwood\/2024\/05\/06\/under-biden-tax-plan-capital-gains-tax-will-exceed-50-in-11-states\/?sh=1c7b18957ce9\" target=\"_blank\" rel=\"noopener\">in a piece<\/a> published on Sunday,<\/p>\n<p>\u201cFor high-income taxpayers, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-the-democrats-new-tax-hike-will-impact-your-wallet\/\" title=\"How The Democrats\u2019 New Tax Hike Will Impact Your Wallet\">long-term capital gains tax<\/a> could nearly double to 39.6%. That proposed capital gains rate increase would apply to investors who make at least $1 million a year. In fact, it is possible to go even higher, as high as 44.6%.\u201d<\/p>\n<p>Wood wrote that the Biden <a href=\"https:\/\/home.treasury.gov\/policy-issues\/tax-policy\/revenue-proposals\" target=\"_blank\" rel=\"noopener\">budget plan<\/a>, which was <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/03\/11\/fact-sheet-the-presidents-budget-for-fiscal-year-2025\/\" target=\"_blank\" rel=\"noopener\">released in March<\/a>, would could catapult combined state and federal <a href=\"https:\/\/www.westernjournal.com\/confused-biden-blasts-people-clipping-coupons-stock-market-promises-eliminate-double-capital-gains-tax\/\" target=\"_blank\" rel=\"noopener\">capital gains tax<\/a> rates above 50 percent in 11 states: California, New York, and New Jersey, Minnesota, Oregon, Maine, Nebraska, Idaho, Iowa, Kansas, and Georgia.<\/p>\n<p>According to the U.K. <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-13372467\/us-states-capital-gains-tax-rates-joe-biden-plan.html\" target=\"_blank\" rel=\"noopener\">Daily Mail<\/a>, the proposal would push the capital gains tax higher than its been in the century it has existed.<\/p>\n<p>The proposal raises the question: Is this administration testing to see how much it can tax the people before Americans stop working altogether?<\/p>\n<p>Regardless, there are several key issues to be aware of should this capital gains hike go into effect.<\/p>\n<p>First, it will have a negative impact on small business owners who are already juggling enough challenges to make any sane human beings question their life choices.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Will the left ever stop trying to steal your hard-earned money?<\/p>\n<\/p><\/div>\n<p>Small businesses have long been seen as the backbone of the American economy. Under this new tax regime, they could face severe challenges. Higher taxes could deter entrepreneurs from investing in new ventures or expanding existing ones, potentially stifling innovation and economic growth at a grassroots level.<\/p>\n<p>This, in effect, will also have a negative impact on the workforce, which relies on small businesses to provide employment.<\/p>\n<p>Facing the weight of this new tax policy, small businesses could face the inflation of operational costs which might result in them struggling to maintain their workforce, let alone creating new jobs. This could result in a significant slowdown in <a href=\"https:\/\/www.westernjournal.com\/bidens-economy-poll-finds-record-63-small-businesses-frozen-hiring\/\" target=\"_blank\" rel=\"noopener\">hiring<\/a> or even layoffs, leading to fewer opportunities on the local level.<\/p>\n<p>Conversely, larger corporations, those equipped with the resources and expertise to navigate complex tax regulations, will likely remain largely unaffected by the increased costs that come along with a change in the tax code, thereby leveraging their financial strength to further dominate their markets.<\/p>\n<p>This imbalance could exacerbate the challenges faced by small businesses, pushing them out of the competition and inadvertently fostering monopolies, decreasing competition and stifling innovation. Since both competition and innovation are crucial for a healthy economy, the downside is obvious.<\/p>\n<p>Perhaps one of the most pressing concerns surrounding Biden\u2019s new tax proposal is the potential for capital flight. Investors might look overseas for more favorable tax environments, which could lead to a significant drainage of capital from the U.S., undermining domestic investment and economic growth.<\/p>\n<p>And if you think this will only impact \u201c<a href=\"https:\/\/www.westernjournal.com\/designer-aocs-tax-rich-dress-caught-massive-illegal-financial-hypocrisy-report\/\" target=\"_blank\" rel=\"noopener\">the rich<\/a>\u201d whom Democrats love to bash, think again.<\/p>\n<p>The idea that Biden\u2019s proposed tax hike solely targets the wealthy to ensure they pay their \u201c<a href=\"https:\/\/www.westernjournal.com\/sotu-biden-says-wealthy-pay-fair-share-taxes-hunter-think\/\" target=\"_blank\" rel=\"noopener\">fair share<\/a>\u201d is a narrative that oversimplifies the issue and overlooks broader implications. That rhetoric simply doesn\u2019t hold up to scrutiny.<\/p>\n<p>Historically, American tax policy has evolved from minimal government intervention, in the early days of the Republic, to today\u2019s more complex, sometimes burdensome tax structures.<\/p>\n<p>Initially, the intent was to support a growing nation without overburdening its citizens. However, over time, this has shifted, and these changes could potentially impact a wider section of the population than just the ultra-wealthy. When it comes to taxes, what starts with one segment of the population can always finds a way to reach the rest.<\/p>\n<p>The fact remains, this <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stock-market-tanks-after-report-on-biden-plan-to-pay-for-leftist-agenda-experts-warn-it-is-insanity\/\" title=\"Stock Market Tanks After Report On Biden Plan To Pay For Leftist Agenda, Experts Warn: \u2018It Is Insanity\u2019\">proposed capital gains tax<\/a> is a far cry from the vision first laid out by America\u2019s Founders which was clear: They advocated for minimal interference in the individual\u2019s economic freedom. This principle was pivotal in transforming a collection of coastal colonies in the late 18th century into the economic superpower the United States is today.<\/p>\n<p>The current shift towards higher taxation could be seen as a departure from these foundational ideals and actually mirrors a European-style class warfare, promoting economic policies driven more by social equity considerations than by economic efficiency or growth.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/class-warfare-irs-promises-increase-audits-wealthy-taxpayers-least-50-report\/\" target=\"_blank\" rel=\"noopener\">Class warfare<\/a> or class envy is a very European and socialist concept in its thinking and should not have a place in the American economy.<\/p>\n<p>Speaking of Europe, one is reminded of the concept of \u201cJantelagen,\u201d also known as the \u201cLaw of Jante.\u201d<\/p>\n<p>\u201cJantelagen\u201d is a cultural concept that originated from a satirical 1933 novel, \u201cEn flykting korsar sitt sp\u00e5r\u201d (\u201c<a href=\"https:\/\/www.amazon.com\/Fugitive-Crosses-His-Tracks\/dp\/B0006ANB4G\/ref=sr_1_2?adgrpid=1341404749498586&#038;dib=eyJ2IjoiMSJ9.Qi4BfHea2zEuVlKtYZl7sfAQ1_itFJpKEEhQU0Oz4rEpGUOG9MoeR-dwQ1UhzMXKhGZs7pjvO-sWgeeVCkoGyZ9mPzVGDBVYBjcYw1AGBPXe8duicWnviZfA7zAUgE7-.YQSOXlgr39Cpo9Ppt6jC5aEvpvH0CvVMDyPKBaLKGLQ&#038;dib_tag=se&#038;hvadid=83837867775091&#038;hvbmt=be&#038;hvdev=c&#038;hvlocphy=62440&#038;hvnetw=o&#038;hvqmt=e&#038;hvtargid=kwd-83838138655990%3Aloc-190&#038;hydadcr=22569_10448055&#038;keywords=a+fugitive+crosses+his+tracks&#038;qid=1715023313&#038;s=books&#038;sr=1-2\" target=\"_blank\" rel=\"noopener\">A Fugitive Crosses His Tracks<\/a>\u201c), which was written by Danish-Norwegian author Aksel Sandemose.<\/p>\n<p>It illustrates the set of social norms governing Scandinavian society, emphasizing humility, egalitarianism, and conformity.<\/p>\n<p>The concept discourages individuals from standing out or flaunting their achievements, promoting the idea that everyone should be equal and that one person is not better than another. Essentially, it promotes the concept that there should be equality among members of civil society at a social level.<\/p>\n<p>Although it\u2019s not an actual legal code, it is an unspoken societal rule that promotes modesty and discourages boasting or self-promotion, and has shaped the cultural mindset in countries like Sweden, Denmark, and Norway. In fact, it pushes on the theme of social equality and discourages hierarchy based on personal achievements.<\/p>\n<p>That said, it has also been criticized for stifling ambition and discouraging individual expression. And while \u201cJantelagen\u201d is not inherently socialist, it is often interpreted in a way that emphasizes certain values that align with socialist principles. And while it primarily emphasizes social behavior and attitudes, it indirectly affects economic behaviors and attitudes due to its focus on humility, modesty, and discouraging boastfulness.<\/p>\n<p>While the U.S. is far from seeing this concept incorporated into its civil society structure, the poison of \u201cdiversity, equity and inclusion\u201d is already well-established in government, education and even in the business world, stressing <a href=\"https:\/\/www.westernjournal.com\/ben-shapiro-biden-serves-facade-radical-administration-modern-american-history\/\" target=\"_blank\" rel=\"noopener\">equality of outcome<\/a> over the equality of opportunity.<\/p>\n<p>Obviously, capitalism can co-exist with varying levels of taxation to fund government functions, but imposing a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-suggesting-a-tax-hike-right-now-is-a-terrible-idea\/\" title=\"Why Suggesting A Tax Hike Right Now Is A Terrible Idea\">capital gains tax rate<\/a> that suffocates innovation, competition and economic advancement flies in the face of the free-market economy that free men and women deserve.<\/p>\n<p>Of course, it\u2019s no secret that the president who brought us \u201c<a href=\"https:\/\/www.westernjournal.com\/bidenomics-killing-american-dream-owning-home-nationwide-study\/\" target=\"_blank\" rel=\"noopener\">Bidenomics<\/a>\u201d doesn\u2019t appreciate what free markets mean to free people.<\/p>\n<p>In the end, it\u2019s not just about the taxes themselves but the implications they hold for the future of the American economy. One can only hope that common sense will prevail before we find ourselves looking for economic asylum in countries with less punitive taxation policies.<\/p>\n<p>As certain segments of the nation stand at a fiscal crossroads, the debate intensifies: Is the pursuit of social equity through higher taxation worth the potential risk to economic vitality and foundational American principles?<\/p>\n<p>This question remains at the heart of the discussion as policymakers and citizens grapple with the potential new realities of American economics.<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>In just a few months, the world is going to change forever. The 2024 election is the single most important election of our lifetime. <\/span><\/i><\/p>\n<p><i><span>We here at The Western Journal are committed to covering it in a way the establishment media simply will not: We will tell the truth, and they will lie.<\/span><\/i><\/p>\n<p><i><span>But Big Tech and the elites don\u2019t want the truth out. That\u2019s why they have cut us off from 90% of advertisers. Imagine if someone cut your monthly income by 90%. That\u2019s what they\u2019ve done to people like us. <\/span><\/i><\/p>\n<p><i><span>As a staff, we are asking you to <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to fight this once-in-a-lifetime fight. Without you not only will The Western Journal fail, but America will fail also. As Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>Will you support The Western Journal today and <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>become a member<\/span><\/i><\/a><i><span>? <\/span><\/i><\/p>\n<p><i><span>A Western Journal <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Membership<\/span><\/i><\/a><i><span>  costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>This is the time. America will live or die based on what happens this year. Please <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to get the real truth out and to fight the elites, Big Tech, and the people who want America to fail. Together, we really can save the country.<\/span><\/i><\/p>\n<p><b><i>Thank you for your support!<\/i><\/b><\/p>\n<p><i><span>P.S. <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Please stand with us<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-45819\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/anazarian\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-45819\">Summary<\/label><label for=\"more-info-tab-radio-45819\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-45819\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-45819\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Adelle Nazarian has over 15 years of experience in journalism, geopolitics, and the media world. She is also an entrepreneur who has founded and served as CEO of several organizations. She enjoys traveling, is constantly learning and is inquisitive by nature. Adelle speaks English, Persian (Farsi), French and Mandarin Chinese. Follow Adelle Nazarian on X @AdelleNaz.<\/p>\n<\/p><\/div>\n<div>\n<p>  Adelle Nazarian has over 15 years of experience in journalism, geopolitics, and the media world. She is also an entrepreneur who has founded and served as CEO of several organizations. She enjoys traveling, is constantly learning and is inquisitive by nature. Adelle speaks English, Persian (Farsi), French and Mandarin Chinese. Follow Adelle Nazarian on X @AdelleNaz. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a commentary by Adelle Nazarian on May 6, 2024, at 1:12 pm, President Joe Biden&#8217;s budget proposal unveiled plans for individual tax hikes that could stifle the economy. This move, referred to as Bidenomics, has sparked intense debates in political and economic circles. Many speculate that such actions could deviate from the principles of the Founding Fathers<\/p>\n","protected":false},"author":2870,"featured_media":2238537,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/purse-theft-sbs-biden-for-may-6-2024.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2238536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/purse-theft-sbs-biden-for-may-6-2024.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2238536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2870"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2238536"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2238536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2238537"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2238536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2238536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2238536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}