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“Biden proposes 44.6% capital gains tax, from current 19%. Can’t even come up with his own ideas taking a page out of Trudeau playbook who raised Canada to 66%,” he wrote in a recent post on X .
“Biden is proposing a 44.6% capital gains tax, the highest ever, previously set by Jimmy Carter,” says a post that has gone viral with more than 814,000 views on X (formerly Twitter). “Here ...
Vice President Harris made a policy break from President Biden on Wednesday by calling for a lower tax increase on capital gains than what the president had proposed. Harris said during a campaign ...
Second is to realized capital gains as ordinary income; which is expected to effectively raise the percent of capital taxed from 23.8% to 43.4%. Combined it is estimated that these tax changes will place these households at an effective tax rate of 61.1%, which is nearly double the effective tax rate in 2022.
The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.
Harris stated she supported increasing the top tier capital gains tax rate to 28%, up from 20% and lower than Biden's proposed 39.6%. Harris stated her support for a Billionaire Minimum Income Tax, increasing the tax on stock buybacks to 4%, and a ten-fold tax reduction for small business ranging from $5,000 to $50,000 in relief. [ 408 ]
President Biden's jaw-dropping proposal to raise the capital gains tax rate for certain investors has caused shockwaves across financial markets. The proposed taxes are detailed in the...
Biden's plan also would increase the net investment income tax and Medicare tax rates to 5% each from the current 3.8% on income over $400,000. That would bring the top capital gains rate to 44.6% ...