February 18, 2021
A capital gains tax on the sale of high-profit stocks and bonds has been approved by a Senate fiscal committee.
The Ways and Means Committee passed the measure Tuesday night over Republican objections. The measure approved was a different version than what the committee was presented during a public hearing last month. The bill now heads to the Rules Committee, the last stop before a potential vote by the full Senate.
The original measure would have imposed a 9% capital gains tax on earnings from the sale of stocks, bonds and other assets above $25,000 for individuals and $50,000 for those who file jointly. The new version lowers the tax rate to 7% and increases the threshold to individuals and couples who make in excess of $250,000 on sales of stocks and bonds.