FACT CHECK: President Biden's 44.6% Capital Gains Tax:
Conservatives are melting down because of a tax proposal within a tax proposal that wouldn’t go into effect until 2026, if Congress passed it, but what they are forgetting to tell you is that it will only impact 0.1% to 0.2% of the tax-paying public, or in other words the top 1/1000th or the very worst 1/500th of American earners.
Conservatives are once again not providing the full context in that the 44.6% tax rate would apply to ONLY those making over $1 MILLION income per year.
In other words, the ultra wealthy, who already pay a staggeringly low percentage of their income in taxes will help us pay down our national debt if this proposal ever goes into effect.
If you are going to argue about the tax or if it’s fair, I’m fine with that, but at least provide the full context of the proposal