Article originally appeared on www.foxbusiness.com.
A Trump economist is sounding the alarm on Biden’s potential tax rates if the president is re-elected in November.
During an appearance on “Mornings with Maria” Thursday, Heritage Foundation economist Steve Moore called the tax rates under Biden “scary” as his trillion-dollar budget for 2025 includes $5.5 trillion in new taxes.
“I mean, look at the capital gains tax rate. That would almost double under Biden,” Moore warned.
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As part of the budget proposal, Biden called for a 25% minimum tax rate on households worth more than $100 million, raising the capital-gains tax rate, quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28%, increasing the Medicare tax paid by wealthy Americans, implementing a global minimum tax on multinational corporations and closing the carried interest …
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