Joe Biden and Capital Gains Tax Rate

U.S. President Joe Biden will propose almost doubling the capital gains tax rate on the rich to fund programs aimed in part at rectifying historic economic inequality. For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means federal tax rates for wealthy investors could be as high as 43.4%. Republicans unsurprisingly slammed the initiative while praising their own 2017 tax overhaul. Senator Chuck Grassley of Iowa said of that law, which cut taxes for the rich and corporations: “If it ain’t broke, don’t fix it.”