Biden’s new budget proposal contains two intense tax increases, including estate and capital gains, which could reach up to 61 percent.
They say the only two guarantees in life are death and taxes. Under President Joe Biden’s new plan, not even the former can save you from the crushing effects of the latter. Biden’s new budget proposal, intended to fund the American Families Plan, contains two intense tax increases, including estate and capital gains, which could reach up to 61 percent. Long capital gains of more than $1 million are currently taxed at 20 percent, with a 3.8 percent net investment income tax (NIIT) upon the investment being sold makes the rate functionally 23.
