Morning Wire Trump Leads New Poll & Biden’s Steep Tax Hike | 4.30.24
Apr 30, 2024
A new CNN poll reveals Trump leading Biden, driven by public concerns about inflation and immigration. In a bold move, Biden proposes the largest tax increase since 1922, which includes a nearly 40% federal tax rate and discussions about taxing unrealized gains. Meanwhile, Scotland's leader resigns after facing backlash over unpopular hate speech laws, highlighting deep cultural divides. The podcast dives into the political ramifications of these developments and what they mean for future elections.
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Trump Leads Biden in CNN Poll
- A new CNN poll shows Donald Trump leading Joe Biden by six points in a hypothetical presidential matchup.
- This lead has grown by two points since January, driven largely by Biden's declining approval on issues like inflation and immigration.
Biden Proposes Historic Tax Hike
- President Biden's new tax proposal includes a historic hike on capital gains, raising the top marginal rate to 44.6%.
- This represents the highest capital gains tax in American history and has sparked controversy.
Tax on Unrealized Gains
- Biden's tax plan introduces a tax on unrealized gains, meaning Americans would pay taxes on investment increases even before selling.
- Critics argue this is unconstitutional and allows the government to prematurely profit from citizens' portfolios.