Biden proposes capital gains tax of 39.6%

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President Joe Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities as part of the administration’s effort to overhaul the U.S. economy. As part of the plan, Biden will seek an increase in the tax on capital gains to 39.6% from 20% for those Americans earning more than $1 million, according to multiple outlets, including Bloomberg News and The New York Times.
  • Biden will seek an increase in the tax on capital gains to 39.6% for those Americans earning more than $1 million, according to reports.
  • Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities as part of an effort to overhaul the U.S. economy.
  • Reports said the president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan.

 
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