Regulatory Outlook | 04.28.21
Biden Eyeing Tax Rate as High as 43.4 Percent in Next Economic Package
President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6 percent, say insiders. For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4 percent. A 3.8 percent tax on investment income that funds the Affordable Care Act would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income.
Read the full article on Bloomberg.