Regulatory Outlook | 01.20.21
Senate Leader on Tax Policy Seeks to Increase Capital Gains Taxes
Senator Ron Wyden (D-OR), incoming chair of the Senate Finance Committee, said Wenesday that he is working on a proposal that would reform capital gains taxes on the “top 0.3 percent of taxpayers” by equalizing rates on wages and investment income and minimizing the benefits of deferring taxes. Wyden said he began formulating the capital gains tax plan last September and would introduce it in the coming months. His focus on raising investment taxes dovetails with Biden’s support for hiking them on Americans who earn more than $1 million, an idea he floated during his presidential campaign.
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