Yahoo Finance Grant Cardone Slams Biden For Copying Canada's High Proposed Capital Gains Tax Noting 'Red' Shift: 'Can't Even Come Up With His Own Ideas'
In an expression of disapproval on social media, prominent real estate investor Grant Cardone scrutinized President Joe Biden's proposed hike in capital gains tax in a recent X post.
"Biden proposes 44.6% capital gains tax, from current 19%," Cardone posted. "Can't even come up with his own ideas taking a page out of Trudeau playbook who raised Canada to 66%."
Cardone then invoked historical political outcomes, writing, "And he ignored how that played out for the last guy who tried it — the entire country went red" and included a map from a past U.S. election to illustrate his point.
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Cardone's critique reflects apprehensions in the investment community, particularly among those like himself for whom capital gains taxes are a significant consideration. In a separate X post, he outlined how taxes impact personal finances at multiple stages, from earning and spending to investing and passing on wealth, highlighting the government's role in individual financial activities.
The Biden administration's proposed capital gains tax rate is a significant topic of discussion, as it represents the highest proposed federal rate since its inception. The particulars of the proposal reveal a tiered approach, aiming to increase rates to 37% for taxpayers with taxable income exceeding $1 million and further adjustments pushing the rate to 44.6% for those meeting specific income and investment thresholds.
These changes are documented in the general explanations of the administration's fiscal 2025 revenue proposal, which details the combined effect of raising the top ordinary rate and the net investment income tax rate, potentially culminating in the 44.6% figure. The higher rate would impact only a select group of high earners, countering the narrative of an across-the-board tax rate hike.
The dialogue around the proposal is intensified by the sentiments and concerns of taxpayers, especially small-business owners. By focusing on the wealthy, who according to a White House release pay an average tax rate significantly lower than the proposed capital gains rate, the policy aims to equalize the tax obligations of high earners to their financial capabilities.
The proposal may have been overshadowed by broader public reactions to the headline figure of 44.6%, stirring debate over the appropriate contribution of the wealthy to the nation's coffers versus the potential risks of stifling economic growth.
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This article Grant Cardone Slams Biden For Copying Canada's High Proposed Capital Gains Tax Noting 'Red' Shift: 'Can't Even Come Up With His Own Ideas' originally appeared on Benzinga.com
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