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Title: Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922
Source: [None]
URL Source: https://www.atr.org/biden-calls-for ... ax-since-its-creation-in-1922/
Published: Apr 24, 2024
Author: Staff
Post Date: 2024-04-24 19:56:09 by Horse
Keywords: None
Views: 43

And don’t forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states

President Biden has formally proposed the highest top capital gains tax in over 100 years.

Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.

Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.

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