By Duncan Smith
Left-wing wokeists who head up corporate boardrooms helped bankroll low-energy, unpopular Joe Biden and the effort to get him elected.
Throughout his campaign, he talked openly about wanting to reverse President Trump’s corporate tax cuts, which he reduced from the 30s to 21 percent, making our companies competitive for the first time in decades with global corporations paying far less in income taxes.
And yet, the lefty CEOs and their elite minions continued to give, give, give.
Well, now Joe Biden is planning to take, take, take even more.
U.S stocks reversed lower in a swift fashion on Thursday after reports that President Joe Biden is slated to propose much higher capital gains taxes for the rich.
The Dow Jones Industrial Average dropped 321.41 points, or 1%, to 33,815.90. At its low of the day, the blue-chip benchmark fell 420 points. The S&P 500 erased earlier gains and closed 0.9% lower at 4,134.98, while the Nasdaq Composite slid 0.9% to 13,818.41.
Bloomberg News reported Thursday afternoon that Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans. The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, according to Bloomberg News, citing people familiar with the matter. Reuters and the New York Times later matched the headlines.
'Biden's proposal effectively doubles the capital gains tax rate on $1 million income earners,' Jack Ablin, Cresset Capital Management's founding partner and CIO, told the network. 'That's a sizable cost increase to long-term investors. Expect selling this year if investors sense the proposal has a chance of becoming law next year.'
'Markets are highly concentrated in a small number of growth names,' said Mark Yusko, CEO & CIO of Morgan Creek Capital Management. 'Those stocks have driven most of the gains over the past few years and many investors have significant gains at current prices. Fear of higher capital gains rate could motivate selling of those names and trigger market correction, so some investors will try and front run that potential move by selling or hedging through short selling.'
Proposing to take nearly half of what an investor earns, wealthy or not, is not just obscene, it’s criminal, period. It’s confiscatory. It’s straight-up socialism.
But hey, that’s what these rich tech titans and hedge fund morons voted for — literally the guy who wants to make them poorer.
They may not have liked Donald Trump’s tweets, but Trump was trying to make them (and the rest of us) richer.
Here’s the kicker, though: Biden’s robbery won’t simply hit ‘the rich.’ It will devastate the portfolios of average schmoes and Janes who are counting on their 401(k)’s to get them through their retirement.
These Democrats are diabolical pieces of [expletive]. They will be protected one way or the other in terms of cash.
It’s the rest of us, the plebes, the ‘disfavored,’ who will be wiped out.
Happy you put him in office, you CEO dirtbags?
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