Joe Biden wants 44.6% capital gains tax and 25% unrealized gains tax.
Forcing people to sell
Here’s what’s actually being reported instead of a clickbait blind post “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000 … Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent. Taken as a whole, then, the 44.6% rate would only come to fruition under a separate proposal from the Biden administration’s main capital gains rate increase, and only apply to those individuals with taxable income above $1 million and investment income above $400,000. However, Biden’s proposed 25% tax targeting unrealized gains would only apply to individual taxpayers with more than $100 million in net assets”
I’m sorry doesn’t this verify the post title?
Not mentioning how much the previous rate was, how much the increase is, and what income levels are affected makes it easier for people to think it’s a massive increase that will apply to them and get mad. In reality, the proposal: * increase the top **marginal** tax rate from 37 to 39.6, only applies to individuals making more than $600k a year * creating a new tax bracket for net investment income, starting at $400k and being 5% (right now it’s just a single rate for $200k and above at 3.8%) * a 25% unrealized gains tax on people who have a net worth of $100m or more And this is all contained in a sub proposal within the budget proposal, so it could get scrapped altogether. The average blind user will not be affected by this.
F him