Financial Times | Reactions to Proposal to Double Tax for Investors
In this Financial Times article (behind a paywall) Michael Mackenzie, Aziza Kasumov, Mark Vandevelde, Eric Platt, Miles Kruppa and James Politi highlighted insights from TIGER 21 Founder and Chairman Michael Sonnenfeldt who shared concerns and proposed a solution regarding Biden’s proposal to almost double the capital gains tax rate for high-net-worth investors.
A doubling of the capital gains tax would represent “a slap in the face of entrepreneurs” who take the risk in starting businesses, said Sonnenfeldt, who contends that a carbon tax would be better. “There is no guarantee that doubling the capital gains tax will result in a doubling of revenue. People will find a way to avoid triggering capital gains.”Michael Sonnenfeldt, TIGER 21 Founder & Chairman