Biden Turns American Dream of Retirement Into a Nightmare
1st June 2024
If you’re one of the millions of Americans struggling to save for retirement today, get ready for more struggle, at least if President Joe Biden gets his way. He’s proposing a tax hike on savings that would mean a negative rate of return for many people after adjusting for inflation.
As part of his trillions of dollars in tax hikes, Biden has proposed a 45% tax on capital gains, painting it as a tax on the boogeyman of “greedy” billionaires. In reality, 12.5 million Americans—mostly middle class—pay this tax on their retirement savings.
That’s why every American should be horrified that Biden wants to raise this tax to the highest rate in 111 years. Such a move would severely hamper people’s ability to save for retirement, and it would cripple economic growth.