President Joe Biden just recieved a shocking notice. It is time for war — he never expected this to happen and he can’t avoid it now.
Referring to Biden’s proposed tax increases, Rep. Kevin Brady (R-TX) vowed that Republicans “are going to fight tooth and nail in the House of Representatives” against them.
Biden is seeking to dramatically increase the capital gains tax “by almost more than double its current rate of 20%,” according to Breitbart News. Brady outlined just how devastated this would be.
“You don’t rebuild a healthy economy by punishing those who invest in that local and U.S. economy, and that’s exactly what you have here,” said Brady. “So at the end of the day, American workers are the net loser in President Biden’s capital gains proposal.”
Biden promised that he would raise taxes on the middle class, but he is already poised to do that — if the capital gains increase becomes law. Millions of Americans invest and this would punish them.
However, with Speaker of the House Nancy Pelosi (D-CA) having a razor-thin House majority and the partisan makeup in the Senate being 50/50, Democrats may want to think twice before ramming through a tax increase.
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