Biden To Propose Capital Gains Tax As High As 43.4% For Wealthy - Bloomberg
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
President Biden will propose a capital gains tax as high as 39.6% for wealthy individuals, up from the current 20% rate, Bloomberg reported citing people familiar with the matter. Combined with the existing surtax on investment income, this would suggest a federal rate of as high as 43.4%.
The proposal would mean a 56.7% total capital gains levy in California and a 52.22% total capital gains levy in New York, it was added.
The highest rate will apply to those making more than $1 million per year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S. trade chief: new legal tools needed to combat future China threats
- Lemonade (LMND) Mentioned as Short at Muddy Waters
- Telos Corp. (TLS) ramps on CNBC guest stock pick mention
Create E-mail Alert Related CategoriesTrader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!