The Biden administration’s analysis of its revenue proposals for fiscal year 2025 argues targeted tax hikes that disproportionately affect white people would ease racial wealth inequality.
Increasing taxes on capital gains and income-based wealth would reduce racial wealth inequality for black and Hispanic families, the Treasury Department outlined in the analysis published in mid-March. The Treasury points out that white families disproportionately hold assets subject to capital gains tax or are in a higher tax bracket, meaning a hike in those taxes would benefit black and Hispanic families.
The Biden administration argues for taxing capital income for high-income earners at “ordinary rates,” increasing the top rate from 37% to 39.6% for those who earn more than $1 million a year. Taxes on net investment income would also be hiked by 1.2 percentage points to 5% for those who make over $400,000 per year, bringing the total top marginal rate to 44.6%.
“Taxing capital gains at 44.6% at the federal level — not to mention state taxes — would be economic suicide,” Preston Brashers, research fellow for tax policy in the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the Daily Caller News Foundation. “Before the tax ever took effect, investors would rush to pull their money out of equities subject to such exorbitant tax rates. U.S. businesses would be starved for capital, and business activity would slow to a crawl. Ultimately, corporate income and capital gains income would fall off a cliff, so the net result would be less tax revenue, not more. The middle class and working class would be slammed with mass layoffs and lower real wages.”
The Treasury estimates that white families are the recipients of 92% of the benefits of preferential rates on capital gains and qualified dividends, compared to 2% and 3% for Hispanic families. Only 0.4% of white families, less than 0.05% of black families and 0.1% of Hispanic families will be affected by the proposed rule change on capital gains.
https://dailycaller.com/2024/04/29/economic-suicide-biden-admin-hike-taxes-racial-criteria/
Monday may have been Education Secretary Miguel Cordona’s terrible, horrible, no good, very bad day. The ink was barely dry on the Education Department’s vast rewrite of Title IX before three separate federal lawsuits were filed in quick succession in courthouses in Louisiana, Texas, and Alabama.
The essential elements of each lawsuit share a common theme: The Biden administration’s new Title IX rule is illegal.
Title IX of the Education Amendments Act of 1972 is a single sentence. It simply bars sex discrimination in any federally funded education program.
It doesn’t matter how much federal funding a school or institution of higher education receives. And it doesn’t matter whether such funding from the federal government is direct or indirect. So yes, even the vast majority of private schools must comply with the new rule.
But this simple, longstanding prohibition on sex discrimination has been manipulated by the Biden administration to undermine constitutional freedoms (including the freedom of speech), eliminate commonsense due process protections for students accused of sexual misconduct, and erase the very women that Title IX was enacted to protect.
The Department of Education has unilaterally expanded the prohibition against discrimination based on “sex” to include a prohibition against discrimination based on “sex stereotypes, sex-related characteristics (including intersex traits), pregnancy or related conditions, sexual orientation, and gender identity.”
None of these terms was in the minds of the ratifiers of Title IX in 1972, but that’s of no concern to the Department of Education, which believes its vast expansion of the word “sex” is legally sound.
Federal courts have disagreed.
Shortly after midnight Monday morning, the Defense of Freedom Institute and the states of Louisiana, Mississippi, Montana, and Idaho filed the first of the three lawsuits in U.S. District Court for the Western District of Louisiana against Cardona, Assistant Education Secretary for Civil Rights Catherine Lhamon, and the Department of Education as a whole.
In the complaint seeking declaratory and injunctive relief, the Defense of Freedom Institute writes that the rule “is a naked attempt to strongarm our schools into molding our children … in the government’s preferred image of how a child should think, act, and speak. The final rule is an affront to the dignity of families and school administrators everywhere, and it is nowhere near legal.”
https://thelibertydaily.com/that-was-fast-3-federal-lawsuits-dropping-simultaneously/