It’s one tax increase after another from President Biden, Speaker Pelosi, and the rest of the Democrats in Washington.
The Treasury Department released its “green book” in late May detailing most of these tax hikes. But now, Democrats are sneaking in yet another: a 95% tax on the most common prescription medicines.
It’s amazing what controlling Congress with a tiny majority will do for confidence. The top personal income tax rate, which is also the tax rate paid by successful small businesses such as LLCs, sole proprietors, partnerships, and S corporations, would rise from 37% to 43.4%. The corporate tax rate would go up from 21% to 28%, close to the highest rate in the developed world. The capital gains tax rate would rise from 23.8% today all the way to 43.4% for higher earners. A second, “double death tax” would be created by taxing people on their unsold investments at death, assets that would