Thieving Biden planning to hike capital gains tax rate on wealthy individuals

Rumblings about a rate as high as 43.4% sent stocks lower on Thursday

President Biden is expected to lay out another spending plan next week, which may include a sizable hike in the capital gains tax rate for the wealthy.

The White House is considering raising the capital gains tax rate to 39.6% on people earning $1 million and over, people familiar with the matter told Bloomberg on Monday. Including the tax on investment income, wealthy individuals could see their federal rates reach as high as 43.4%, the publication noted.

Biden had previously proposed taxing capital gains at the same rate as ordinary income – it is not clear whether he will also introduce an income tax increase on the wealthiest households.

Currently, short-term capital gains are taxed at the same rates as income, but long-term gains are taxed at lower rates.

https://www.foxbusiness.com/politics/biden-capital-gains-tax-increase

taxistheft

Thieving Biden planning to hike capital gains tax rate on wealthy individuals

Rumblings about a rate as high as 43.4% sent stocks lower on Thursday

Thieving Biden planning to hike capital gains tax rate on wealthy individuals

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