Biden proposes highest capital gains tax at 44.6% in FY2025 Budget.

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President Biden’s Budget proposal for Fiscal Year 2025 has ignited intense debate and scrutiny, particularly regarding plans to raise capital gains rates. The proposed increase to 44.6% has drawn widespread attention, but a closer examination reveals complex nuances often overlooked in the discourse.

And the list of key points:

  • The proposed capital gains rate of 44.6% in Biden’s FY2025 Budget is the highest in history.
  • This rate is derived from a combination of proposals to raise ordinary rates and net investment income tax.
  • The main proposal targets a 37% rate for long-term capital gains and qualified dividends for taxpayers with income above $1 million.
  • The 44.6% rate applies only to high earners with taxable income above $1 million and investment income over $400,000.
  • The presentation of the proposal strategically emphasizes the high percentage while downplaying crucial income thresholds.
  • The policy aims to level the playing field between high ordinary income and investment income earners.
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