Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

SUICIDAL: Biden’s Tax Increases Will Kill America’s Fastest Growing Industries

October 1, 2021 By Richard C. Young

President Joe Biden claps during a clean car event Thursday, August 5, 2021 on the South Lawn of the White House. (Official White House Photo by Cameron Smith)

In 2011, Pat Buchanan wrote his book, Suicide of a Superpower. There is probably no faster way to kill a superpower nation than to hamstring its fastest-growing industries with new taxes, but that’s exactly what Joe Biden wants to do. Chris Edwards, director of tax policy studies at Cato Institute, explains how Biden’s tax plan will cut deep into America’s world-leading technology industry, and its job-creating Main Street entrepreneurial businesses. He writes (abridged):

President Biden and congressional Democrats are pushing to raise capital gains taxes. The Democratic proposals are radical and out of step with the treatment of capital gains in other high‐​income nations. I argue here, here, and here that higher capital gains taxes would damage America’s technology industries and entrepreneurial economy.

Let’s look at capital gains tax rates in the high‐​income OECD nations. In the chart below, the red bar in the middle is the current U.S. top rate of 29.2 percent, which is much higher than the OECD average of 19.1 percent. These rates, compiled by the Tax Foundation, include both federal and state taxes.

Biden has proposed doubling the top federal capital gains tax rate. With state taxes on top, that would push the U.S. rate up to the highest in the OECD at 48.4 percent. The House Democratic plan would push the U.S. rate up to 37 percent, or the third highest in the OECD.

Pundits and politicians on the left talk about equalizing the top tax rates on capital gains and ordinary income, but virtually all OECD nations have substantially lower rates on gains than on ordinary income for good reasons. By pushing to raise capital gains tax rates, the Democrats are ignoring the best practices of our trading partners, and also ignoring the bipartisan consensus over the past century to keep capital gains tax rates at a moderate level.

By Chris Edwards Cato Institute

If you’re willing to fight for Main Street America, click here to sign up for my free weekly email.

Related Posts

  • States with the Fastest Growing Incomes
  • SAVE AMERICA: Fight Biden's Reconciliation Bill
  • Biden Progressives Propose Crushing Tax Increases
  • Trump's Tax Cuts Make America Money Again
  • Author
  • Recent Posts
Richard C. Young
Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.
Latest posts by Richard C. Young (see all)
  • USA and Russia: A Global War for Resources? - February 3, 2023
  • Dick Young: Learn from Hillsdale College Online - February 3, 2023
  • German Opposition Leader Denounces the Country’s “Insane Drunkenness about War” - February 2, 2023

Dick Young’s Must Reads

  • Robo-Advisors: When You Have a Lot More to Lose than Money
  • Does Big Government Create Poverty?
  • “The Losses are Taking a Toll on Their Health”
  • The Simple, Elegant Power of the Retirement Compounders
  • The Common Ground of Democracy is Sinking Beneath Americans’ Feet
  • What to Do about China?
  • Concentrate on Dividend Record and Compounding
  • Government Should Be Small, Laws Unobtrusive, and Men Left Alone
  • WAR HAS BEGUN: What Advice Are You Giving Your Loved Ones?
  • Victor Davis Hanson: How to Bust DC’s Stronghold

Our Most Popular Posts

  • Will Western Tanks Be a Game Changer in Ukraine?
  • Warren Miller: If You Don’t Do It This Year, You’ll Be…
  • Europe Should Protect Itself
  • “I Will Veto Everything They Send Me”
  • How to Fight Wokism Idiocy
  • US Debt Now Exceeds Annual GDP?
  • The Neocon Russia-Hoaxers of Hamilton 68 Must Be Held Accountable
  • Why Don’t These Mayors Seem to Care?
  • What Kind of Life Are You Investing For?
  • SEN. KENNEDY: This Is How to Fix Biden's Border Disaster

Disclosure

RSS Youngresearch.com

  • Your Retirement Life: Adventure Awaits
  • UK Takes Aim at the Cryptocurrency Industry
  • Early Advice from Her Dad on Tipping at Charlie Trotter’s
  • Do You Trust This Rally?
  • Reagan’s America Remembered by Your Survival Guy and More
  • What Happens if the “Fed Put” Is Over for Good?
  • Tom Brady Retires, Again. Should You?
  • What Kind of Life Are You Investing For?
  • Warren Miller: If You Don’t Do It This Year, You’ll Be…
  • Are the Realists Winning the Debate over the Future of EVs?

RSS Yoursurvivalguy.com

  • Your Retirement Life: Adventure Awaits
  • Zumwalt-Class Guided Missile Destroyers to Get Hypersonic Weapons
  • Early Advice from Her Dad on Tipping at Charlie Trotter’s
  • Treasury Bonds Ready to Rock and Roll
  • Survive and Thrive February 2023: 4 Life Changing Words: “You Should Try This”
  • Tom Brady Retires, Again. Should You?
  • Reagan’s America Remembered by Your Survival Guy and More
  • America’s Unprecedented Debt Problem
  • Iran’s Ballistic Missiles Could Give Russia the Edge in Ukraine
  • What Kind of Life Are You Investing For?

EVs and Human Trafficking/Modern Slavery

USA and Russia: A Global War for Resources?

TERROR TACTICS: Globalists Use Fear to Demand Compliance

Your Retirement Life: Adventure Awaits

Are Flights About to Get MORE Expensive?

Dick Young: Learn from Hillsdale College Online

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives