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Aharon Friedman and Stephen Miran: The Inflation Tax on Capital

Biden’s capital-gains rate hike is worse than it looks. Under rising prices, it could eat 112% of a return. June’s 5.4% inflation highlights one of President Biden’s more damaging and quixotic economic proposals: to raise the top tax rate on capital gains. Nominally, he would pull it up to match the tax rate on ordinary income. But the real

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Posted: July 18, 2021 Sunday 07:10 PM