US News: US President Joe Biden plans to unveil a sweeping $1.8 trillion package for families and education in his first joint speech to Congress on Wednesday,
What to watch for during Bidenâs first big speech to Congress
By DARLENE SUPERVILLE The Associated Press,Updated April 28, 2021, 6:27 a.m.
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President Joe Biden paused while speaking on the North Lawn of the White House on Tuesday.Stefani Reynolds/Bloomberg
WASHINGTON (AP) â President Joe Biden is putting the finishing touches on his first address to a joint session of Congress, a prime-time speech on Wednesday night on the eve of his 100th day in office. Biden will use the speech before lawmakers and a broader viewing audience to talk about what heâs accomplished in the opening months of his presidency and to lay out his other domestic and foreign policy priorities.
Wealthy Americans now paying the top capital gains rate could see a hike to 43.4%, from 23.8%. Both rates include a 3.8% levy on net investment income, created by the Affordable Care Act.
The tax increases may impact more than stocks, bonds and cryptocurrency, however. Homeowners looking to cash in on sizzling home prices could also receive a bill. The proposed increase in federal as well as state capital gains tax rates could sting [home sellers] on the margins, said Sharif Muhammad, founder and CEO of Unlimited Financial Services in Somerset, New Jersey.
Tax exclusion
Even with median home prices reaching all-time highs, Muhammad said, many sellers avoid paying capital gains on home profits because of a special tax break.
Pass-through business owners should monitor the Biden recovery proposal closely. Biden s original campaign tax proposal included an increase in the top individual tax rate and a phase out of the 199A deduction. Individual taxation is expected to be part of the second element of the recovery plan.