Klobuchar Wants Another Tax Hike: Taxing Capital Gains as Ordinary Income

Share on Facebook
Tweet this Story
Pin this Image

Posted by John Kartch on Thursday, February 27th, 2020, 9:45 PM PERMALINK

Amy Klobuchar said that she would tax capital gains "closer to the personal income tax rate" during a CNN town hall on Wednesday night.

"Taking the capital gains rate and putting it closer to the personal income tax rate, brings in something like $500 billion," Klobuchar said. 

Voters are reminded that Democrats are united in their desire to impose capital gains tax increases on the American people. The party wants to raise the tax rate all the way up to the top personal income tax rate (which they also want to increase).

Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.

Klobuchar has previously called for a capital gains tax increase, and said in July that she would go about "changing" the rate.

Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.

Joe Biden also called for an increase in the rate and even went as far as saying that "every single solitary person" would pay a 40% capital gains tax.

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems

×