“This Is Sheer Idiocy”: Capital Gains Tax Can Exceed 100 Percent Under Biden Proposal

Authored by Liam Cosgrove via The Epoch Times (emphasis ours),

President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to estimates by economist Arthur Laffer, a former adviser to Ronald Reagan. The increase would more than double the tax investors pay on investments held longer than one year.