Quote:he stock market has been living on the leftovers from President Donald Trump so far this year.

All the damage Joe Biden has promised with his policies hadn’t quite hit the market yet.

But today, the issues with Joe Biden finally caught up to the market and it took a nosedive.

Why? Because the Biden regime finally pulled off the blinders on some of the horrible stuff they have coming down the pike and confessed that they were considering a whopping capital gains tax rate increase, nearly doubling it, to 39.6%, according to Market Watch. With the existing surtax on investment income, that could make the rate as high as 43.4% for the “wealthy.” Biden is expected to drop this plan next week to help pay, a little bit, for all the social spending that Joe has been piling up.

The Dow Jones Industrial Average fell nearly 350 points or 1%, while the Nasdaq Composite and S&P 500 fell 0.38% and 0.46%, respectively, in reaction to this news.

Imagine that, on top of an economy that has been struggling to come back, after all the harm of pandemic restrictions. Democrats always want to try to sell this stuff as only hitting the “wealthy,” but it always includes us one way or another in the end, either because they outright tax us non-wealthy people, too, or the taxes they impose are then passed onto us.

Venture capital investor Tim Draper explained how this would kill jobs and would be even worse, at 56.4% tax burden in California.

Biden is trying to kill the golden goose of the stock market and the good things in the economy that Trump left him. He’s off to a roaring start.

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Never underestimate the Left’s capacity for monumental stupidity.

Quote:White House press secretary Jen Psaki on Thursday defended reports of a planned tax hike from President Joe Biden, arguing the wealthy could afford it.

Psaki cited Biden’s desire for trillions in increased government spending on child care, infrastructure, and free pre-school.

“His view is that, that should be on the backs, that can be on the backs of the wealthiest Americans who can afford it and corporations and businesses who can afford it,” she said.

The Dow Jones Industrial Average plunged 400 points on Thursday afternoon after Bloomberg reported details of Biden’s possible 43.4 percent capital gains tax hike for wealthy Americans.

Psaki did not deny the reported tax rates but said the administration was still working on the final details of the president’s plan.

She noted Biden supported the idea of boosting taxes.

“His view, and the view of our economic team, is that won’t have a negative impact,” she said.

Biden would not raise taxes on Americans making under $400,000 a year, Psaki asserted.

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I read this earlier

Why do leftists hate wealth creation?

Simple question you drone *****

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