President Biden is urging Congress to pass an aggressive capital gains tax hike that will hurt seniors’ retirement income. While his capital gains plan is focused on Americans making over $1 million per year, corporations will adjust their dividend payments to help high income earners avoid taxation, hurting everyday Americans who use dividend income. This shift will not only alter U.S. investments in the stock market, but it will also hurt millions planning on retirement.
The increase in the capital gains rate will decrease the long-term net worth of millions of retirees as they are forced to sell shares while the wealthy can simply borrow against the value of their investments for additional income. Seniors subsidized by dividend income will see less liquid cash come from their investments and instead be forced to reduce their investments putting millions of Americans in a worse financial position for the future.
Please contact your members of Congress to urge them to oppose harming millions of seniors by increasing capital gains. This proposal will ultimately have the opposite outcome of the intended goal to tax the rich.
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