Biden's capital gains tax proposal could crush the economy, experts say

Thomas Catenacci / Fox News

President Biden's latest proposal to hike the top capital gains tax rate to its highest level in more than a century is facing heavy criticism from experts who warn such an action could significantly harm the U.S. economy.

According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%. A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early 1920s.

"Investment is the real driver of economic growth," E.J. Antoni, an economist and research fellow at The Heritage Foundation, told Fox News Digital. "Investment is what gives you productivity gains. Investment is where you get factories and machines — it's where businesses are able to provide their workers with tools and equipment that allow them to increase their productivity, to increase wages, etc."

Biden's Latest Regulations Will Crash the Electric Grid 

Katie Pavlich / Townhall Tipsheet

On Thursday morning President Joe Biden announced new "climate change" regulations, put in place through the Environmental Protection Agency, that will shut down a number of coal powered power plants in states across the country. The rules claim carbon dioxide is a "pollutant," which is a stretch given it's what humans breath out and what plants eat as food to turn into oxygen. 

"These rules, finalized under separate authorities including the Clean Air Act, Clean Water Act, and Resource Conservation and Recovery Act, will significantly reduce climate, air, water, and land pollution from the power sector, delivering on the Biden-Harris Administration’s commitment to protect public health, advance environmental justice, and confront the climate crisis," the EPA detailed. "A final rule for existing coal-fired and new natural gas-fired power plants that would ensure that all coal-fired plants that plan to run in the long-term and all new baseload gas-fired plants control 90 percent of their carbon pollution."

RIGHT SIDE PATRIOTS...LIVE!

 

Today, Friday, April 26th from 7-8:00pm EST, RIGHT SIDE PATRIOTS Craig Andresen and Diane Sori discuss the SCOTUS hears Trump's presidential immunity case; Biden's capital gains tax proposal; and Biden's latest 'climate change' regulations will crash the electric grid. Hope you can tune in to RIGHT SIDE PATRIOTS on https://rspradio1.com Click 'LISTEN LIVE' starting at 6:50 pm EST with show beginning at 7pm EST.