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

Sharing is Caring!

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.
See also  Biden Administration Is Not Refilling The Strategic Petroleum Reserve

 

Source:

www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/?sh=36fd407c1ff6


See also  Black Man Asks: "Why Should I Vote For Biden??"

Views: 524

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.