The capital gains tax won't happen. It's a stupid idea, and Biden knows it. He's just showing off for gulls like LEM and creating a bargaining chip for negotiations. Economically the idea is a non-starter.

It might be possible to transition to higher capital gains rates over a long period of time (still a bad idea, though), but a sudden shift would wreak havoc on retirement savings in the name of fairness to the people who depend on them.

It may someday dawn on socialists like LEM that prosperity is not achieved by taking away. ADDING is the key. A bigger piece of a bigger pie is the right approach. Biden's capital gains thing would just shrink the pie.

The capital gains tax rate is 20% in China, and its economy is booming. What on earth makes anyone think a 40% rate would attract capital to the USA?