Comments by "dlukton" (@dlukton) on "What To Do if Joe Biden Becomes President" video.

  1. At the state level, voters will usually vote for higher taxes if the higher taxes are accompanied by a promise from the politicians that the money will be used for "infrastructure". The idiot voters fall for it almost every time.
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  2. Not mentioned in the video is that Biden wants to increase the "cap" on income.... income that is subject to the FICA tax... to $400K. And, of course, that's on top of increases in the income tax. That, in and of itself, could provide motivation to persons earning more than $200K to leave the US. Regarding capital gains, Biden hasn't yet said how high he wants to raise that particular tax, at least for people earning less than $1 million per year; but for incomes ABOVE $1 million, he wants to ELIMINATE PREFERENTIAL TREATMENT OF CAPITAL GAINS ALTOGETHER, i.e., capital gains would be taxed at the ordinary income rate. I'm also concerned that, with all the money-printing and debt creation, we're going to get higher inflation. A lot of smart people have been saying that the value of the US dollar is going to start to decline in about 2 years (although many of them believe that the USD will RISE in forex markets before falling). So, combine an inflation rate of 10-15% with a capital gains tax of 30-50%.... that would be a TOTAL DISASTER for anyone with a lot of capital to invest... at least if they remain in the US.
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