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Biden aims at top 0 3% with bid to tax capital gains like wages

Biden aims at top 0.3% with bid to tax capital gains like wages Laura Davison and Allyson Versprille, Bloomberg News McCreath: Investors not keen on U.S. capital gains proposal VIDEO SIGN OUT President Joe Biden wants to end the preferential U.S. tax treatment of investment income that has benefited the nationâs wealthy as he seeks to fund a sweeping new social-spending program. But he will need to overcome a major political hurdle in Congress to do so. The White House plans to propose almost doubling the capital gains tax rate for those earning US$1 million or more, to 39.6 per cent, according to people familiar with the proposal. That wouldnât affect many. Only about 0.32 per cent of American taxpayers reported adjusted gross income of more than US$1 million and capital gains or losses on their returns, according to Internal Revenue Service tax return data from 2018.

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Biden Aims at Top 0 3% With Bid to Tax Capital Like Wages

Biden Aims at Top 0.3% With Bid to Tax Capital Like Wages President Joe Biden s plans to double the capital gains tax for those earning $1 million or more would affect only about 0.32% of American taxpayers. Laura Davison and Allyson Versprille | Apr 23, 2021 (Bloomberg) President Joe Biden wants to end the preferential U.S. tax treatment of investment income that has benefited the nation’s wealthy as he seeks to fund a sweeping new social-spending program. But he will need to overcome a major political hurdle in Congress to do so. The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6%, according to people familiar with the proposal. That wouldn’t affect many. Only about 0.32% of American taxpayers reported adjusted gross income of more than $1 million and capital gains or losses on their returns, according to Internal Revenue Service tax return data from 2018.

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Biden mulls doubling capital gains tax

Biden mulls doubling capital gains tax RICH TARGET: Raising the capital gains tax to 39.6% could reverse a long-standing provision in the tax code that tax returns on investment are lower than on labor Bloomberg US President Joe Biden is to propose almost doubling the capital gains tax rate for wealthy individuals to 39.6 percent to help pay for a raft of social spending that addresses long-standing inequality, people familiar with the matter said. For those earning US$1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4 percent.

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POLITICO Playbook: Manchin endorses Murkowski, and the border crisis Trump saw coming

POLITICO Playbook: Manchin endorses Murkowski, and the border crisis Trump saw coming
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Biden aims at top 0 3% with bid to tax capital like wages

Biden aims at top 0 3% with bid to tax capital like wages
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