Yesterday, Joe Biden singlehandedly sent the stock market and cryptocurrency markets into a complete nosedive when a report outlined his plans to increase taxes on people he thinks have too much money. Now, the White House is defending him.
The Dow Jones fell more than 321 points. The S&P dropped 38 points. Nasdaq fell 131 points. All of these losses were about one percent of the market, which dropped in most industries amid the news that Biden wants to double the capital gains tax.
It wasn’t just the stocks that suffered. Across the board, cryptocurrency values plummeted. Most notably, Bitcoin dropped below $50,000 — way below. $47,000 below. Dogecoin fell a whopping 19.32%. Biden plans to raise the capital gains tax to 39.6% — more than double the current rate — for anyone unfortunate enough to make more than $1 million.
On Friday, Biden propaganda minister Jen Psaki stood before the American people and defended the clearly disastrous plans:
“His view is that, that should be on the backs, that can be on the backs of the wealthiest Americans who can afford it and corporations and businesses who can afford it.”
Psaki reminded reporters that Biden pledged not to raise taxes on anyone making less than $400,000 a year — but she said nothing of his plans to force job creators to shoulder the burden for everyone else. “His view, and the view of our economic team, is that won’t have a negative impact,” Psaki says.
She, of course, did not address the overall economic impact of the policy — and with good reason. Such a move will cause the wealthy to leave America in droves. It will decrease tax revenue and cause businesses to close. This will destroy our economy — but that’s what Democrats want. You can’t have socialism without destroying everything first. Watch her below: