Biden proposing ‘undercover tax on just about everybody’: Wealth strategist
Wealth strategist warns Biden’s proposal to increase the capital gains rate on high earners will impact ‘real Americans’
President Biden's proposal to increase the capital gains rate on high earners is an “undercover tax on just about everybody,” Surevest CEO Rob Luna told FOX Business’ “Mornings with Maria” on Tuesday.
BIDEN WANTS TO RAISE TAXES ON WEALTHY AMERICANS WHO GOT RICHER DURING PANDEMIC
Rob Luna: “Out here in California, places like New York, $200,000 barely get you by... So, I think this is just an undercover tax on just about everybody. And, you know, the issue I really have with this capital gains tax and taxing that income is I work with a lot of small business owners, a lot of entrepreneurs. So let's remember a lot of these people, as they get towards retirement, Look to sell all or part of their business.
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This is the money that they borrowed on credit cards -- blood, sweat and tears -- sweat equity that they put into these businesses. And when they want to take a little bit of that off the table to help supplement their retirement, it's not just their tech stocks that they invest in that's getting taxed, but it’s their personal businesses also. So these are real Americans that are being taxed, are going to feel this. And look, the markets had a great run over the last couple of years.
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A lot of that's been priced into the market, COVID in the 10-year Treasury, obvious issues. But once you start talking about these tax increases and the realization to like what you mentioned, this can be retroactive to this year. I think there's going to be a lot of pressure on the market. And that's not something the market's really prepared for.”