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Biden's administration has released the tax provisions of the 'American Families Plan', and what a plan it is.

Here are the top 10 combined Fed + State tax + City tax rates showing the existing and proposed (capital gains + Qualified Dividends) tax rates under this plan for those reporting Capital Gains and Qualified Dividends in excess of an Adjusted Gross Income of $1MM


State..........Current CG Rate........American Families Plan CG Tax Rate

California.........37.10%.....................56.70%
New York...........34.70%.....................54.30%
New Jersey.........34.60%.....................54.20%
Minnesota..........33.70%.....................53.30%
Oregon.............33.70%.....................53.30%
D.C................32.80%.....................52.40%
Vermont............32.60%.....................52.20%
Hawaii.............31.10%.....................50.70%


Notice these highest rates are all in Blue States, including DC.

This would make twice the Biden Administration would stick it to the wealthy. The first was backtracking on his promise to repeal the max $10,000 SALT deduction…which was never part of any of the multiple great money give-away Acts this Congress and Administration has thrown forward and is not part of the AFP. In fact, he has changed his message and made the SALT repeal contingent upon limiting itemized deductions, which for most, would actually net reduce itemized deductions. But if you believed the bare promise to 'repeal the SALT limit' and this includes the modestly wealthy, then you are awarded lifetime membership to the venerable 'Dupes Anonymous' society.

The single ray of light in this latest proposed Biden tax law change is that names like Soros, Buffett, Gates, Bezos, Zuckerberg, Steyer, Brin, Castro, Bloomberg....…to name a few…....are the ones who’ll be the honorable recipients of this green weenie. In fact, Nine Of The 2020 Forbes Ten Wealthiest Americans Are Democrat-Affiliated Liberal Megadonors.

Ahhhhhhhhhhhhhhhhhhhhhhhhhh YES! True poetic justice! But hey, maybe these liberal mega-donors will be true patriots, pay the added millions in tax on their illbegotten capital gains and qualified dividends and be proud of their contribution to reduce the national debt and doing their part in paying their fair share.

Uh huh.

You can bet if this proposed tax law sees passage, those megadonors will be moving their money off shore. Count on it.

I wonder if those mega-Democrat contributions will continue to flow in 2024?

Gotta love it!

BruceM
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