Biden To Propose Capital Gains Tax As High As 43.4% For Wealthy - Bloomberg

April 22, 2021 1:08 PM EDT

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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.

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