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Biden Aims at Top 0 3% With Bid to Tax Capital Like Wages
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Biden to propose nearly doubling capital gains tax for the rich
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Biden eyeing capital gains tax rate as high as 43.4% for wealthy
The administration reportedly is considering boosting the tax rate on the capital gains to 39.6% from the current base rate of 20%.
April 22, 2021 3 MINS
President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals, to 39.6%, to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.
For those earning $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%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.
Biden eyeing capital gains tax as high as 43 4 per cent for wealthy
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Biden eyeing capital gains tax as high as 43.4pc for wealthy
Laura Davison and Allyson Versprille
Apr 23, 2021 â 5.41am
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Washington | President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6 per cent to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.
For those earning $US1 million ($1.3 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 per cent.
The new marginal 39.6 per cent rate would be an increase from the current base rate of 20 per cent, the people said on the condition of anonymity because the plan is not yet public.