Wealthy Americans are greeting the possibility of a big capital gains tax increase on their investments with “anger, denial and grief,” according to a recent article from my Bloomberg News colleagues. “Over-taxing success is un-American,” Charlie Myers, chairman of Signum Global Advisors and a fundraiser for President Joe Biden, told the reporters.
Others are also angry and grieving about Biden’s plan to raise the rate to 39.6% from 20%. “It felt like I was in some sort of weird daydream,” Jim Iuorio, an options trader, told Larry Kudlow on the Fox Business Network. “It’s just asinine. They know full well that not only will it not gain anymore tax receipts from it … it is such an economic negative.”