How a Man Making $75,000 a Year Could End Up in Biden's Millionaire Tax Bracket

A man expecting windfall profits shocked to learn about taxes.

> After talking to the potential buyer, Mr. Settle saw that the Biden administration wanted the higher capital-gains rate to be retroactive to April 2021. If that happens, he plans to hang onto the property indefinitely. Anything close to $400,000 won’t be enough to retire on, he said, especially if he inherits his father’s longevity.

It's a war on saving and hard-work.

It’s a tax on capital and not on labor. Reagan famously believed the tax on capital ought to be higher than the tax on labor. That the capital gains tax is so low explains why the effective tax rate on Bill Gates is less than a person making $75,000 per year in wages.