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President Joe Biden issued a budget proposal Friday that called for a 39.6% top capital gains tax rate, in line with what had been previously proposed.
I think you should be able to become a billionaire or a millionaire, Biden told Congress on Wednesday night in a speech outlining his agenda. But pay your fair share.
The richest 1% of taxpayers, who have an average income of $2.2 million, would shoulder the burden of the tax hike, according to an analysis published by the Institute on Taxation and Economic Policy.
Two-thirds of this group would see their taxes increase, by an average $159,000 a year, according to the analysis.
Of course, the proposal faces headwinds in Congress. Passage isn t guaranteed and parts of the plan may change.
A new top tax rate of 39.6%
Biden Wants to Raise $1 5 Trillion by Taxing the Rich Here s How nbcwashington.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcwashington.com Daily Mail and Mail on Sunday newspapers.