Daily Tax Report ®

Buttigieg Seeks Capital Gains Tax Hike (1)

Nov. 8, 2019, 5:05 PMUpdated: Nov. 8, 2019, 10:04 PM

Pete Buttigieg’s presidential campaign is proposing increases in the capital gains tax to pay for $2.1 trillion of domestic spending he outlined Nov. 8.

Buttigieg’s plan would target the top 1% of taxpayers, forcing them to use mark-to-market accounting that taxes assets as they appreciate instead of when they’re sold or when the owner dies. And he would raise capital gains rates for the top 1% of income earners by taxing them at the higher rate for ordinary income.

Those changes would raise the $2.1 trillion over 10 years. That’s the amount of new spending the South Bend, Indiana, mayor...

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