Nothing is certain but death and taxes and the fact that authoritarian regimes end in mass atrocities.

Hello everyone. I am Chris Martins in Peak Prosperity. Today we are going to be discussing this, which is the extremely troubling taxation proposals that just came out of Team Biden. And they're extremely troubling.

Listen, there's always calls for higher or lower taxes. Not that. It's what this tells us about what they're really thinking.

I've got an explosive, unique way of looking at this potentially.

Tell me what you think.

It starts with this.

This is in Bloomberg, so you know it's a real thing.

They're talking about capital gains.

Now, that got the headlines in this particular story.

The capital gains, it's a pretty ruinous approach to taxation. Well, let me just show you what I'm talking about here. What?

This goes back to 1922, and this would be the highest proposed capital gains tax rate in over 100

years. And this is astonishing taking

it all the way here from about 24% all the way up to 44.6% on capital gains and

by the way when that's just at the federal level when you slap that on top of

what the states are putting in there blue states turn out to be the worst who knew

if only there was some way to

predict that this is how things would go. Look at this. Californians will face a combined federal

and state tax rate of 59%. Hey, citizen, 60% of what's yours is actually ours. Okay? And here's the problem.

We can have a debate all we want about what's the appropriate capital gains tax rate.

But in order to have a capital gain, you had to have had capital.

The capital was already taxed, right?

If I'm going to put money into IBM, for instance, I have to earn that money first.

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