The left is positively drooling at the prospect of soaking $1.7 trillion out of the pockets of the rich. They can feel that money against their soft hands as if it were already there.
Under Biden’s super-duper, very keen tax proposal in the infrastructure bill that has nothing to do with infrastructure, the tax on capital gains would nearly double, from 20 percent to 39.6 percent. Along with raising the personal tax rate, it’s supposed to generate $1.7 trillion in tax revenue over the next 10 years from the wealthy who aren’t paying their “fair share.”
But you don’t get to be wealthy in America by paying taxes. In fact, legally avoiding taxes is fairly easy if you have a decent accountant.
A study from the University of Pennsylvania’s Wharton Business School reveals that up to 90 percent of those taxes can be avoided by wealthy people who just aren’t feeling the same sense of love and brotherhood about the government that the left feels.
“We don’t think that the proposal has a lot of teeth,” said John Ricco, director of policy analysis at the Penn Wharton Budget Model, a non-partisan fiscal policy research group at the business school. “There are a lot of games you can play to avoid paying this tax.”