The Biden administration will likely need to pair an expected capital gains rate hike on the wealthy with a major tax change related to life’s other certainty: death.
President Joe Biden plans to propose nearly doubling the capital gains rate for high earners to 39.6%, plus an additional 3.8% Affordable Care Act tax on investment income, people familiar with the plan told Bloomberg. The capital gains rate hike is one of several expected tax proposals Biden will detail next week to pay for roughly $1 trillion in increased spending on childcare, paid leave, and other social programs.
The more money ...
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