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April 29, 2021 4:50 PM Chris Davis
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President Joe Biden on Wednesday unveiled a plan to increase capital gains taxes, and the numbers back up what the administration has been saying for some time: Unless you make a lot of money, you probably won’t feel any direct impact from the proposed changes.
But if you earn more than $1 million per year, listen up.
Under the proposal, the highest income tax rate would return to 39.6% (where it stood from 2013 to 2017), up from the current 37%. Along with that increase, the Biden administration’s plan would tax capital gains profits from the sale of certain assets or investments at the same rate as ordinary income for households earning more than $1 million, and that’s where th