A Trump economist has raised concerns about the potential tax rates under a Biden presidency if re-elected in November. Heritage Foundation economist Steve Moore described Biden's proposed tax rates as 'scary' during an interview on Thursday. Biden's trillion-dollar budget for 2025 includes plans for $5.5 trillion in new taxes, with significant implications for various tax categories.
One of the key points of contention is the proposed increase in the capital gains tax rate, which would nearly double under Biden's plan. Additionally, Biden's budget proposal includes a call for a 25% minimum tax rate on households valued at over $100 million. This proposal also involves raising the capital gains tax rate, quadrupling the corporate stock buyback tax to 4%, increasing the corporate tax rate to 28%, and boosting the Medicare tax paid by wealthy Americans.
