This is the realignment in action.
“The carried interest loophole is beginning to look immortal.
Driving the news: President Biden today will unveil a $2 trillion infrastructure plan that the White House hopes to pay for via changes to the corporate tax code. But it will not include any changes to individual income taxes, including on capital gains. …
Biden pledged during the campaign to change capital gains taxation, and reports last week were that he would propose that individuals pay ordinary rates on all annual investment income of over $1 million. …”
Forget about a wealth tax.
Forget about raising the capital gains tax.
Forget about raising the corporate rate back to its pre-Trump level.
The SALT deduction that Trump capped might even be coming back.
Joe Biden is the new FDR and his historic presidency is the most progressive administration in history. As Pete Buttigieg said before walking it back, a mileage tax is showing a lot of promise. The “economic royalists” on Wall Street shouldn’t have to pay for anything, right? We can win the 2022 midterms on the strength of “trans women” in women’s sports and a huge amnesty for illegal aliens, right?