Last month, Biden proposed nearly doubling the current capital gains tax rate of 20 percent to 39.6 percent for those earning more than $1 million.
Senator Elizabeth Warren (D-MA) said Friday that President Joe Biden ‘s plan to increase taxes for the wealthy does not go far enough yet, and avoided giving him a performance grade for his first 100-plus days in office. Speaking on PBS NewsHour, Warren praised Biden for helping Democrats pass “the most progressive rescue package in American history,” but added that he’s fallen short on the issue related to tax increases for the rich. “He’s in the right direction again because he’s talking about taxing the wealthy. He’s got a little bit around the wealthy,” Warren said Friday, while adding that his plan is “not yet” where it should be. Last month, Biden proposed nearly doubling the current capital gains tax rate of 20 percent to 39.6 percent for those earning more than $1 million. Combined with an existing surtax on investment income, the new rate could be as high as 43.4 percent, making it the highest tax rate on investment gains since the 1920s. According to the White House, the plan “will not only reverse the biggest 2017 tax law giveaways, but reform the tax code so that the wealthy have to play by the same rules as everyone else.
