Daily Mail, UK - If Joe Biden is successful in passing his massive capital gains tax rate hike, Americans in 11 states will next year be paying over 50 percent of some of the profits when they sell off their assets to the government. The president's 2025 budget proposal includes increasing the top marginal rate on long-term capital gains dividends to 44.6 percent mark, which is the highest ever since the tax was implemented a century ago. The current rate sits below 25 percent - so the increase represents a significant hike.
Many economic and tax experts agree that raising the capital gains tax this high would dis-incentivize investing and hurt the U.S. economy, despite the Biden administration claiming they are only trying to tax the rich. 'The Biden administration may think they are going after the 'super wealthy' with this proposal, but the opposite will be true,' Dan Savickas, the Director of Policy for Taxpayers Protection Alliance, told DailyMail.com. If a 44.6% capital gains tax rate is included in FY2025 budget, Americans in 11 states will have a burden above 50% when state and federal are combined when selling assets. Biden proposed in his budget for next year the highest-ever capital gains tax rate at 44.6% – the last highest was at 40% under President Jimmy Carter in the late 1970s...
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