Why Biden’s almost 100% capital gains tax increase would crush the stock market

foxbusiness.com:

Americans for Tax Reform President Grover Norquist discusses President Biden's 2025 budget proposal on 'The Bottom Line.'

Many Americans still don’t realize that we have a bifurcated tax system.

One tax table is focused on taxing Americans on their ordinary income, the income you earn from your job or your business.  

The other tax table is focused on taxing your long-term capital gains, meaning assets that have grown in appreciation such as stocks or your business value held more than 365 days.

Under the new proposed Biden tax plan, 10 states would have more than a 50% capital gains tax, with California being the highest at 57.9%. (Fox News / Fox News)

With thousands of pages in the tax code, it’s near impossible for most Americans to really understand how they are taxed let alone understand the nuances between capital gains, ordinary income tax, and how that could affect your personal economy and the stock market.

BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS

According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%.   

Today, that top marginal long-term capital gains rate is at 23.8%. Do NOT get fooled when you hear or read that the increase is ONLY a 20.8% increase, when in fact it would be an 87.4% increase!  

Steve Forbes and John Carney react to President Biden attacking former President Trump's tax cuts and how Americans are paying more under Biden on 'Kudlow.' 

Here’s the breakdown of how this tax would increase by almost 100%.

First, the top ordinary income marginal tax rate would increase from 37% today to a