Recent viral reporting on Biden's proposed tax hikes has generated heated criticism and outrage online. Some say the proposed capital gains tax increase to 44.6% and an unrealized gains tax of 25% will predominantly affect the wealthy. Supporters insist the wealthy deserve to pay their “fair share.” Critics argue high earners already pay a significant portion of total taxes. Many also say the government should focus more on reducing its spending rather than increasing taxation.

Opposition to Unrealized Gains Tax

Discussions have ensued particularly about the proposed unrealized gains tax. This tax would be levied on any increase in value of an asset, even if it has not yet been sold. For example, if a person buys a stock for $100 and it increases in value to $150, they will have an unrealized gain of $50. Currently, Americans are not taxed on this gain until they sell the stock. Taxing unrealized gains is highly controversial, with opponents arguing it would be unfair and would cause financial hardships for people who have seen their assets increase in value but do not have the cash on hand to pay a tax on the gain.

The severe negative sentiment towards an unrealized gains tax is expressed in tweets like one from venture capitalist David Sacks. Many voters who align with this thinking say Biden’s proposed tax increase will destroy American taxpayers and business owners.

Let’s say you build a business from scratch and qualify for Biden’s new 25% unrealized gains tax. So you have to sell 25% of your business to pay the tax. But now you have to pay 44.6% cap gains + 13.3% CA on that. So you actually have to sell ~37%. Is this right?

— David Sacks (@DavidSacks) April 25, 2024

Another argument against taxing unrealized gains suggests it’s unfair because it requires taxpayers to pay taxes on income they haven’t received. Voters talk about the idea of a tax on unrealized gains as outright theft.

Most Americans seem to believe that Biden’s tax hikes would lead to negative economic consequences. They say it would force reduced investment and economic growth, discouraging entrepreneurship, which would harm the economy.

• Following 2024 Tax Day, sentiment toward taxes started to decline, falling from 48% on April 14 to 46% on the 15th and 44% 10 days later.
• Americans are also increasingly negative on the economy, with sentiment sinking to 42% following news about Biden’s proposed tax plans.

Many voters also discuss their belief that taxes are being misused by the government. They complain that money gets spent on things they disagree with or is not being distributed fairly. Two recent issues Americans complain are a misuse of tax dollars are illegal immigrant support and foreign aid.

Voter Group Reactions

Wealthy Americans who would be directly impacted by the new tax policies are most likely voice negativity about Biden’s plan. They argue it would deter investment and prevent doing business. They say it’s effectively double taxation since capital gains are often derived from income that has already been taxed.

Some small business owners who have assets but are not extremely wealthy also disapprove of the proposal. They express concerns that, even if they don’t reach the affected tax backet, it could indirectly impact their businesses if wealthy consumers and investors cut back on spending and investment.

Republican voters of all economic classes are also generally opposed to the tax hike. They say higher taxes will hurt economic growth, regardless of who is personally affected. They also argue it would penalize success and discourage entrepreneurship.

Democratic voters are generally supportive of the tax increase. However, some moderate Democrats have expressed concern about the potential impact on business and economic growth.

Many people online also point out that Biden’s proposal, if implemented, would impose the highest capital gains tax rate in history. They also highlight the fact that Jimmy Carter, who also proposed increased capital gains taxes, suffered politically.

Biden is proposing a 44.6% capital gains tax, the highest ever, previously set by Jimmy Carter.

Here's how that worked out for Jimmy Carter: pic.twitter.com/UFiiPl6Skb

— Joe Consorti ⚡ (@JoeConsorti) April 24, 2024

Democrats and Lower Economic Classes are in Favor

Biden defenders are generally more supportive of the tax hike, viewing it as a way to address income inequality. They argue the wealthy should pay more taxes and be prevented from monopolizing wealth. They say the additional revenue could be used to fund programs that benefit lower income individuals, such as education and healthcare.

Progressive voters and lower income Americans often push back against online complaints about higher taxes, claiming many who are complaining are not wealthy enough to be affected. They argue the rich benefit disproportionately from economic growth and should therefore contribute more in taxes.

Reactions to Joe Biden's "Solar for All" program and sentiments about Earth Day, environmentalism, and Joe Biden reveal a mix of positive, negative, and skeptical sentiments.

Positive sentiments are primarily passive forms of support. Some appreciate Biden prioritizing environmental protection, understanding the importance of climate change actions, and supporting clean energy solutions. Many voters are clearly in favor of climate change initiatives and express relief and encouragement about the "Solar for All" program. They view it and similar programs as crucial steps towards safeguarding the environment for future generations, commending Joe Biden’s leadership in these matters. Mostly Democrats, this group seems to fall along political lines, further emphasizing the role of tribalism in the response to Biden's initiative.

Negative sentiments come from skeptics of climate change and critics of the policies being implemented. Some voters believe climate change is misrepresented to manipulate the public and gain power and money for politicians and corporations. They express frustration and disbelief at the perceived manipulation and voice opposition to the "Solar for All" program. They also criticize the focus on environmental protection, arguing there are more pressing issues to address, such as the debt crisis. They also doubt Biden's understanding of the problem and his ability to fix it.

Skeptical sentiments mainly come from those who believe in the impact of climate change but do not explicitly express support or opposition for specific policies or leaders. These voters may express concern about the environment and the need for action, but they do not necessarily align themselves with a particular political stance or leader.

Data suggests a large percentage of voters remain skeptical about the effectiveness of the initiative. They say, despite Biden’s claim, the initiative will not effectively tackle the enormity of the climate change problem. With an increase in conversation around this topic, data shows an immediate drop in sentiment. This suggests similar efforts from Biden’s administration to address climate issues in the future may cause a negative response as general distrust of government rises.

American tech positions have been seeing continual decrease in job security going back to January 2023 when sizeable layoffs began. According to Boundless research, more than 300,000 tech workers have lost their job, despite an increase in H1-B visas for tech positions increasing year-over-year and a dropping denial rate under the Biden administration.

Views of the Tech Labor Market Among Demographic Groups

Political affiliation appears to play a significant role in how people perceive and discuss tech layoffs. Some Americans, particularly those who lean Republican, criticize President Joe Biden's administration for perceived failures related to job numbers and immigration. They argue the job numbers do not add up and suggest the administration's immigration policies are a contributing factor.

Others, who align more with the Democratic party, dispute these claims. They argue that immigration has not negatively impacted the economy and job numbers.

Age also seems to play a role in the discussions, with younger users expressing more pessimism about the job market. These voters often share personal experiences of struggling to find employment despite numerous applications. They argue the positive job reports do not reflect the reality on the ground, suggesting a disconnect between the official data and actual experience of job seekers.

Economic class is another significant factor in the conversation. Voters from lower economic classes express frustration and distress about financial struggles despite positive job reports. This suggests a dissatisfaction with the current economic situation. They criticize officials like Janet Yellen for allegedly being out of touch with the economic realities facing ordinary Americans.

What Influences Sentiment on Jobs

Sentiment regarding tech and other sector layoffs can increase or decrease due to various factors. Negative news about the tech industry, such as reports of mass layoffs or declining profits, can increase negative sentiment. Conversely, positive news, such as reports of job growth or increasing profits, can decrease negative sentiment and increase positive sentiment.

Sentiment towards tech layoffs seems to become more negative when people feel reported job numbers do not reflect their personal experiences or when they perceive government officials as being out of touch with the reality of job seekers. Conversely, sentiment appears more positive when job growth is reported, particularly when it points to continued economic strength. However, skepticism remains among some who question the accuracy of these reports.

MIG Reports analysis of what Americans are saying online about their tax returns reveals mixed sentiment, however, general dissatisfaction. Many taxpayers express frustration and confusion over the complex tax filing process. Some suggest the system is designed to benefit the wealthy and corporations over average citizens. While there is appreciation for the various resources and services available to assist with tax preparation, smaller tax returns this year, amid overarching economic concerns, diminish the overall mood during tax season.

Sentiment seems to vary by political affiliation. Republicans tend to have a more positive view of the tax return process, citing the Tax Cuts and Jobs Act of 2017 as beneficial for lowering tax rates and simplifying the process. This Trump-era Act was the only noticed bright spot throughout the online discussions. Democrats, on the other hand, feel the tax cuts disproportionately favor the wealthy and corporations, leading to a more negative sentiment.

As Tax Day approached, online conversations increased to their highest point in the tax season, while sentiment dropped to its lowest point.

Demographics

Economic classes play a role in shaping sentiment. Lower and middle-class taxpayers often express frustration over the perceived unfairness of the tax system, feeling that they shoulder a disproportionate burden. Wealthier taxpayers, while also expressing some dissatisfaction with the complexity of the tax process, generally show a more positive sentiment due to the financial benefits they receive from tax cuts. Although, in general all Americans seem concerned about the economy and maintaining their standard of living.

Age also affects sentiment towards tax returns. Older taxpayers, who are often more acquainted with the tax filing process, show less frustration compared to younger taxpayers who may be navigating the process for the first time. The sentiment among different racial groups seems to be mixed, with no clear patterns emerging.

Geographically, there is less sway in discourse and sentiment; however, taxpayers in states with higher state and local taxes, such as California and New York, express more dissatisfaction due to caps on state and local tax deductions.

Overall, while there are resources available to help Americans with their tax returns, sentiment leans negative, with calls for a simpler, more equitable tax system. There is also an undercurrent of concern that tax dollars are not being used efficiently.

Homeland Security Secretary Alejandro Mayorkas recently admitted the border situation is a “crisis” and said sanctuary cities should remove criminal illegal immigrants. While discussion about the border and immigration is still extremely negative, MIG Reports data shows voter attention has turned to the economy in recent weeks.

As the House prepares to send articles of impeachment against Mayorkas, discussions about border security are negative, though lower in volume compared to last month.

• National sentiment regarding the border has steadied around 50% in the last week as discussion volume has fallen.

Those who are still vocal about border security regularly mention elected officials like Mayorkas and Biden, accusing them of enabling illegal immigration. Voters express a desire for stronger leadership, prioritizing national security and law enforcement over political considerations.

There are also repeated mentions of drug cartels, indicating a concern about the connection between illegal immigration and organized crime. Most people talking about this issue believe the government is not doing enough to combat drug trafficking at the border.

Sentiment Towards Secretary Mayorkas

Many voters believe Mayorkas has failed in his role as Secretary of Homeland Security and that his impeachment could be a step in the right direction. They say he has allowed an unprecedented number of illegal immigrants to enter the country, leading to the "worst border crisis in history."

Critics of Mayorkas say he should be held accountable for the administration's mishandling of the border crisis. Many voters are also calling out Senator Schumer for not setting a trial for Secretary Mayorkas, arguing he is violating 200 years of Senate precedent and constitutional duty. Some suggest that Senate Democrats, particularly Senator Schumer, fear a trial could negatively affect the 2024 elections.

There is some discussion of the consequences of Mayorkas' policies, describing the U.S. as turning into a "third world hell-hole." People say increasing crimes and costs from illegal immigrants is unacceptable. They cite specific examples, such as a Salvadoran MS-13 gang member charged with assaulting police and family members, who was reportedly released into the community despite a detainer request from ICE.

Supporters, however, argue holding an impeachment trial for Mayorkas is simply a political move by the GOP. They argue Republicans have consistently voted against border initiatives since Biden took office and are now trying to shift the blame onto Mayorkas and the Biden administration.

• Discussion about Mayorkas has increased in the last four days, but his approval has remained relatively steady.
• Those who speak out in support of Mayorkas tend to view his impeachment as a political tactic by Republicans.

Views About Biden’s Border Policy

Many people continue to criticize the Biden administration for failing to enforce strict border control measures. This sentiment is often accompanied by a call for the reinstatement of Trump's border policies, which are seen as more effective in curbing illegal immigration.

Some Biden supporters voice opposition to the idea of building a wall and criticize such measures as xenophobic and harmful. Mostly Democrats, this group often labels the rhetoric around border security as a political tactic used to appeal to a specific demographic. They argue those in favor of strict immigration policies stigmatize immigrants and undermine the country's values of inclusivity and freedom.

As other MIG Reports have shown, however, there’s an increasing number of Democrat voters who agree the situation at the border a crisis. Some are now saying border control should not be a federal issue but a state issue. They argue the states should have the autonomy to decide their own immigration policies, in line with the Constitution.

• In March border security was the top issues in conversations online about Joe Biden.
• A month later in April, border security dropped significantly, falling below the economy and the Israel-Hamas war.

Growing Democratic Voter Disapproval

Many Democratic Party voters, particularly those with more progressive leanings, have expressed disappointment and frustration regarding Biden's border policies. They argue Biden has not veered far enough from the hardline policies implemented by Trump. This group tends to criticize policies like Title 42, which enables the expulsion of asylum seekers due to public health concerns. They criticize Biden for not being inclusive enough.

Centrist Democrats are more likely to support Biden's approach to the border. They appreciate his efforts to undo some of the more controversial policies of the Trump era, such as the "Remain in Mexico" policy.

However, even among these voters, there is a level of concern about the surge in border crossings and the potential political fallout. They worry if the situation is not quickly addressed, it could harm the Democratic Party's prospects in the upcoming elections and beyond.

President Biden is once again trying to implement a student loan forgiveness program that would cancel debts for 25 million Americans. After a previous attempt was blocked by the Supreme Court, the Biden administration is seeking to gain charity with some voters by announcing a new, although scaled back, plan. This announcement has caused a variety of reactions – many of which are negative.

Overall, people seem skeptical and disapproving of Biden’s most recent student loan forgiveness attempt. Those who have loans to be included in the debt forgiveness are most likely to be supportive. However, those who do express support still seem to hold some reservations.

Suspicion That Biden’s Motives Are Cynical

In general, many voters express a deeply negative view of the Biden administration. They tend to view this move to forgive student loans as a cloying attempt to find positive campaign initiatives in the face of border and economic backlash.

A vast majority of online comments are extremely critical of President Biden and Vice President Harris, as some call for their impeachment. The language used is often strong, with some labeling Biden and Harris as "traitors," "imbeciles," and "the worst president and vice president."

Some voters accuse Biden of having achieved nothing significant during this administration. They argue Biden has done more harm than good and is therefore grasping for something – in this case debt forgiveness – to attract voters.

Many accuse Biden of misrepresenting the administration’s actions and intentions. They argue the administration is misleading the public about its ability to address certain issues like loan forgiveness at the federal level. Voters frequently criticize Biden, accusing him of lying, being ineffective, and being un-American.

• Sentiment towards universities is similar among both Democrats and Republicans, hovering around 50% approval.
• Biden approval on the topic of universities is slightly lower, averaging 46% in the last week.

Reactions to the Debt Forgiveness Program

Commentary on Biden’s most recent student loan forgiveness plan encompasses multiple concerns. Some include:

Affordability Concerns

Voters highlight the increasing costs of higher education, and the challenges students face in repaying their loans. This is mostly the group who have or had student loan debt and are more likely to express support.

Opposition Based on Personal Responsibility

Many others argue that anyone who took out loans should be responsible for paying them back. This tends to be among demographics that value personal responsibility and fiscal conservatism.

Accusations of Pandering to Privilege

Many voters point out Biden is offering an olive branch to higher economic classes and those who went to college, ignoring lower income Americans. They argue the plan panders to the privileged class, which Democrats and Biden himself often decry.

Criticism of Higher Education System

Some voters express discontent with the current state of higher education, including high salaries for college presidents and the shifting of cost burdens onto students. These voters are more likely to criticize the cost of education overall.

Skepticism About Implementation

Many question whether the President has the authority to forgive student loans or express doubt about the execution of such a plan. There is skepticism about the feasibility and practicality of loan forgiveness, and many argue Biden is simply trying to buy votes, knowing the plan is not feasible in reality.

Limited Support Among Those with Student Loans

Supporters appreciate Biden's attempt to rectify what they view as a problematic system of funding for higher education. Some who have paid off their loans say they still appreciate Biden's initiative to address this issue. However, they also express some skepticism, withholding full support until they see how certain legal challenges pan out.

While there is some approval among Biden’s voter base and those who would benefit, the negativity is much stronger. MIG Reports analysis reveals mostly negative conversation regarding Biden and student loans, his 2024 campaign, and his administration overall. The discussion about student loan debts often branches into adjacent issues as voters voice their disapproval.

The recent inflation report and Consumer Price Index (CPI) report show a significant increase in prices. The inflation rate has soared, signaling a heightened cost of living for Americans. The CPI report, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, has seen a corresponding spike.

Sentiment among Americans towards these economic indicators is largely negative. This is not only rooted in the immediate impact of higher prices but also in a broader concern about the state of the economy. Confidence in the market is shaky, and this uncertainty seems to decrease public trust towards the Biden administration.

Along demographic lines, political affiliation plays a significant role in shaping sentiments. Democrats are more likely to view the situation as temporary or a result of global economic conditions. Republicans are more inclined to blame the current administration for the economic situation.

Race also plays a role in voter perceptions. Minority communities, particularly African Americans and Hispanics who are more likely to be in the lower economic strata, are feeling the brunt of the inflation more and struggling to get jobs. Their sentiment towards the current economic situation and trust in the government can be described as highly skeptical and frustrated.

The middle and lower classes are the most impacted by rising inflation. These groups are expressing a higher degree of dissatisfaction and are more likely to hold a negative perception of the market and the current administration.

Geographically, there is a negative outlook – but for varying reasons. In urban areas, where public transportation is more accessible, the impact of gas prices may be less felt than in suburban and rural areas where people rely heavily on personal vehicles. However, price increases on food and general cost of living have increased concerns about inflation for most Americans. The reasons for negative sentiment and a lack of confidence in the government vary among voter groups but are similar in terms of volume.

Increasing prices, such as the surge in the national gas prices from $3.61 for regular, $4.39 for premium, and $4.05 for diesel since February 19, has also sparked concerns and discontent. These price jumps are impacting American households and businesses, particularly those in lower economic classes and in regions where commuting is essential.

Other timely economic indicators seem to mirror distrust and general dissatisfaction. Following the inflation and CPI reports being released, the Dow Jones Industrial Average dropped 300 points. Several news outlets are covering the issue despite a history of complying with President Biden’s request to cover economic news with more positively.

MIG Reports analysis found the public reaction to the recent jobs report largely conveys skepticism and criticism, with some undertones of frustration and disappointment. This is a stark contrast from what Joe Biden has determined as, “A milestone in America’s comeback.”

The March jobs report from the Bureau of Labor Statistics claimed 303,000 jobs added and a lower unemployment rate of 3.8%. Federal Reserve Employment Data, however, reveals that 100,000 of those jobs belong to foreign-born workers.

Many criticisms also point out that full-time employment is at its lowest since October of 2020, while part-time is the category that is increasing. This is less optimistic since many workers need full-time work to make ends meet. The report also doesn’t fully consider those not seeking employment.

Americans are questioning the reliability of positive job reports, expressing doubts about the reality of these statistics. They voice concerns that these positive reports do not accurately reflect the struggle of many individuals who are unable to secure jobs. There is also an implication of mistrust towards government and authorities, suggesting a perceived disconnect between them and the average American.

The two general themes that emerge from the discourse are:

Discrepancy between job reports and reality

Voters express skepticism about the accuracy of positive job reports, highlighting the struggle of many who are unable to secure jobs despite applying for hundreds. The sentiment suggests the positive statistics do not match the reality on the ground, painting a picture of an economy in distress, despite official reports.

Mistrust towards authorities

There is a recurring theme of mistrust towards government, the media, and financial authorities. American suggest the ruling class is out of touch with the reality most of the population faces daily. By blaming economic woes on the general public, these authorities are seen as failing to address the root causes of job scarcity and economic distress.

Among other demographics, there is a sentiment of dissatisfaction for those who belong to the lower economic classes. They feel ignored by the positive job reports and express their struggle with finding jobs. Their perception is that the distress they experience is not reflected in the data.

American voters remain unconvinced of the Biden administration’s jobs reports. Fueling this distrust are real-world factors such as increased competitiveness from migrants receiving federal employment benefits and other economic factors such as high inflation. With many previous jobs reports being ‘adjusted’ weeks after their respective initial release, it is possible the current report may have to be adjusted as well, giving further justification to the distrust from Americans.

Economic Issues

The concept of Universal Basic Income (UBI) has been increasingly popular in recent years as the world grapples with rising living costs, the potential displacement of workers due to automation, and objections to income inequality. UBI is a government program providing every adult citizen with a set amount of money regularly. This stipend is given regardless of a person’s income or employment status. The goal is to provide a basic safety net, reducing poverty and providing financial security.

MIG Reports analysis of online commentary shows people's concerns about taxes, the perception of government misuse of tax money, and the struggle of ordinary citizens to meet their obligations. Many voters are raising questions about the fairness of tax systems, with some claiming they are being “taxed to death.” Many also assert that wealthy Americans are able to evade taxes through loopholes or illegal means.

There is a sense of disillusionment with the government as people complain, "What are you people in government doing with our money?" This signifies a lack of transparency and trust in how tax money is being used. It also suggests a disconnect between the government and the people, with the latter feeling overburdened and underrepresented.

Conversations also touch on the complexities of the current tax system. Some voters find it difficult to navigate, potentially falling into debt as a result. There are also concerns about changes to the tax system during an election year, suggesting a link between politics and financial policies.

Interestingly, some are advocating for illegal activities such as tax evasion and hacking as a form of resistance to unfair treatment. This indicates a level of frustration and distrust, as well as a willingness to resort to breaking the law to alleviate financial burdens.

Overall, American voters are grappling with financial pressures and a mistrust of government handling of taxes. It suggests people are in favor of reforms – whether UBI is a good solution in people’s minds is less clear.

• MIG Reports data indicates sentiment about Economic and Banking Issues is relatively stable.
• However, discussions around more nuanced topics like Monetary Policies and Minimum Wage are more likely to swing.
• This is likely due to lower volume and potentially heated, emotional topics along with newer instruments, such as UBI.

Minimum Wage

Recent discussions of a $20 minimum wage for fast-food workers in California also highly polarizing., There are strong opinions emerging from both supporters and detractors of a higher minimum wage. The situation is further complicated by broader conversations about UBI and the affordability of living, particularly in high-cost areas like California.

Proponents seek to debunk arguments against raising the minimum wage, asserting concerns about businesses being unable to afford the increase are unfounded. This group often frames the increase as a matter of fairness and social justice. They say large corporations can afford to pay their employees more.

Opponents of the wage increase believe it will lead to job losses and business closures. They argue small businesses will struggle the most to afford increased payroll costs. This, they say, will lead to layoffs or even bankruptcy. Critics also suggest the cost of wage increases would be passed on to consumers, leading to higher prices and negating any benefits for workers.

There’s also discussion of the impact of wage increases on poverty levels. Some argue that even with a $20 minimum wage, many workers will still struggle to make ends meet, particularly in areas with a high cost of living. They believe that a more comprehensive solution, like a UBI, may be necessary to truly address poverty and income inequality.

Lastly, there is a narrative of anticipation and observation. Some are keenly watching to see the real-world impacts of the wage increase on employment rates, business performance, and workers' quality of life.

Monetary Policy

The role of the Federal Reserve, interest rates, and the economic impact of UBI also factors into the discussion. This conversation emerges against the backdrop of Fed Chair Jerome Powell's announcement that interest rate cuts are not imminent. The announcement sparked various reactions across the financial and political spectrum.

Some voters express skepticism and frustration towards the Federal Reserve's actions, questioning its ability to manage the national debt. They speculate it could potentially reach a staggering $50 trillion by 2024. However, Powell's stance also raises questions about the feasibility and implications of UBI.

Some argue implementing UBI would require borrowing more federal dollars, inevitably exacerbating the national debt. This is a contentious issue, as many struggling Americans desire immediate financial support, which hampers managing the long-term economic health of the country.

Because UBI is deeply intertwined with broader economic policies and politics writ large, particularly those concerning the Federal Reserve and interest rates, it is likely UBI will remain a divisive topic, especially given previous government aid during COVID.