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On Thursday, stocks took a nosedive after Bloomberg reported on the Biden administration’s plans to increase capital gains tax for wealthy individuals. Amid the stock market shock, White House Press Secretary Jen Psaki defended the administration’s reported tax hike plan.
Psaki said that the wealthy could afford the tax increase.
NEW: Biden to propose almost doubling the capital gains tax rate for the wealthy to 39.6%. Coupled with an existing tax on investment income, that means that federal tax rates for investors could be as high as 43.4%.
— Bloomberg (@business) April 22, 2021
According to Psaki, Biden increased government spending on childcare, infrastructure, and free pre-school to the tune of trillion was worth it.
Psaki told reporters, “His view is that, that should be on the backs, that can be on the backs of the wealthiest Americans who can afford it and corporations and businesses who can afford it.”
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