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Capital Markets Tax Quarterly - Volume 4, Issue 1 - Tax


Editor s Note
CMTQ couldn t help notice in mid-April when the stock market
was shocked, shocked at a news report that President
Joe Biden would propose increasing individual federal income tax
rates on long-term capital gains to equal ordinary income rates
(39.6% under Biden s proposal).
1 If only folks had
read CMTQ last quarter, they would have realized this proposal was
lurking in the wings.
2 We checked and the last time tax
rates on long-term capital gains were higher was immediately before
the 1978 Revenue Act during the Carter Administration when the
effective long-term capital gain rate was 49%.
3 And
individual long-term capital gain and ordinary income tax rates ....

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