Biden's capital gains tax proposal could crush the economy, experts say

President Biden is under fire in response to his effort to hike the top capital gains tax rate to its highest-ever level, a move experts say would crush the economy.

"Investment is the real driver of economic growth," E.J. Antoni, an economist and research fellow at The Heritage Foundation, told Fox News Digital. "Investment is what gives you productivity gains. Investment is where you get factories and machines — it's where businesses are able to provide their workers with tools and equipment that allow them to increase their productivity, to increase wages, etc." Thomas Catenacci is a politics writer for Fox News Digital.

"If you're going to tax something, you get less of it," he continued. "And that's just as true for investment as it is for anything else. Taxing capital gains means less investment, it means less economic growth, and it means the rise in people's standards of living is going to slow dramatically."