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up next:
now reading: Biden’s Punitive, Anti-Growth Tax Proposals



BIDEN’S PUNITIVE, ANTI-GROWTH TAX PROPOSALS

COMMENTARY


By Benjamin Ayanian
May 13, 2024
AP
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President Biden’s 2025 budget proposal provides a salient reminder that he is no
moderate, despite his attempts to position himself as one. 

Biden’s tax proposals would effectively increase the top federal marginal tax
rate on long-term capital gains to 44.6%, a record high since the tax was
enacted in the 1920s. As a result, taxes paid on long-term capital gains would
reach levels above 50% in some states after accounting for state capital gains
taxes. Biden also proposed increasing the corporate income tax rate from 21% to
28% and presented a 25% tax on unrealized capital gains for individuals whose
net worth exceeds $100 million.

These proposals present two problems. First, they showcase a disregard for the
personal property, earnings, and lives of the individuals and organizations
subject to the taxes. Second, these taxes would have dire consequences for
economic growth and, thus, would negatively impact the living standards of
everyday Americans.

Individuals have a natural right to their life, liberty, property, and pursuit
of happiness. And individuals’ rights are violated and their happiness and
prosperity are damaged when others steal from them – and stealing is exactly
what President Biden is hoping to do with these proposals. 





In 2023, the federal deficit was $1.7 trillion. Yet, the government continues to
spend on partisan activist causes, raise funding for departments that cannot
pass an audit, provide new facilities for bureaucracies that harass everyday
Americans, and redistribute over $1 trillion in private wealth per year through
welfare programs. Rather than cut spending, President Biden is seeking to
confiscate the resources of American citizens to fund exorbitant schemes.

In addition to unjustly expropriating private assets, Biden’s capital gains tax
and corporate income tax proposals are only projected to raise an average of
$208 billion per year, just a small dent in the yearly deficit. There is also
good reason to believe that these taxes wouldn’t raise the projected amount of
revenue, as taxes discourage the activity of their subject – think tariffs on
foreign goods and taxes on cigarettes. Increasing capital gains taxes would
discourage investment and spur wealthier individuals to, instead, consume more
and avoid the taxes. 

Not only would this lead to less government revenue than anticipated, but it
would also put economic growth at risk. 

Investment drives innovation, which in turn drives economic growth. But
discouraging investment would reduce the fuel for growth, threatening Americans’
rising living standards. This would be most harmful for the poorest Americans,
as they are in the greatest need of the better, cheaper goods and services that
are created by innovation.






The proposed tax on unrealized capital gains is also unconscionable. Investors
have not actually made any profit just because the value of their assets
increases on paper. In the first few months of 2022, the world’s 50 richest
people saw a combined $563 billion in net worth vanish as asset valuations
plummeted. Under a tax on unrealized gains, they would not have been entitled to
a refund on the taxes they paid when their capital assets had much higher
valuations – even though they never realized profits at the assets’ peaks prior
to their decline. Knowing this, individuals would be less willing to engage in
risky investments that ultimately drive innovation and raise living standards.

Increasing the corporate income tax would also have a negative effect on the
economy, reducing the capital companies have to pay their employees and invest
in innovation. It would also place upward pressure on prices, as some
corporations would try to pass on the cost of the tax to consumers.

Biden’s tax proposals aim to punish individuals and organizations for doing well
financially and, if adopted, would hamstring economic growth. The biggest losers
wouldn’t be the wealthy. Instead, they would be the everyday Americans who are
left with suppressed living standards. 

Benjamin Ayanian is a Human Respect Fellow for Young Voices, a PR firm and
talent agency for young, pro-liberty writers. He is also the author of "Beyond
Intention: How Progressive Economic Initiatives Would Harm Society’s Most
Vulnerable." Follow him on Twitter @BenjaminAyanian.


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