You have to take the entire tax code into account rather than focus on one single tax.
Biden wants to reduce our deductions.
At the same time he's creating a new tax that effects all of us who own property or have savings...a wealth tax.
He also wants to do some kind of retroactive Capital Gains tax which is unconstitutional.
He wants to be able to charge Capital Gains on past tax years. Never mind the fact that we've already paid Capital Gains on our profits....he want's to charge us again at a new rate.
(pdf) Introduction Having resolved the infrastructure bill, Congress now begins debate and consideration of the budget through a reconciliation process since that can be passed with 50 votes, bypassing the normal process that subjects legislation to filibusters.[1] As part of that package, the...
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