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Of course Biden wants to do this; he’s a socialist at heart and knows many people think only rich folks have capital gains and, therefore, should be “soaked” for being the greedy capitalist investors they are.
Bob P – always happy to see the ill-informed on this board. Authors say: “many, but not all, economists have argued that an income tax code that treats dividends, interest and realized (or unrealized) capital gains the same as labor income is a bad idea. (Citation please!) That’s because it skews household spending and savings decisions in favor of spending.” Hogwash, especially for those that are currently being considered for this increase in tax rates on unearned income – those earning over $1,000,000 per year. Do you really thing the wealthy are not going to keep saving their excess income but will instead go on a spending spree at Best Buy?
Agree with Randy S. Most stocks are owned by those of great means or are in managed accounts. An increase in the marginal rate for the most well-to-do is unlikely to have a dramatic affect upon aggregate savings but it may affect equity prices and the allocation of savings between equities and bonds.