Taxation

Biden to propose capital gains tax of 39.6% to fund education and child care, reports say

Biden will seek an increase in the tax on capital gains to 39.6% from 20% for those Americans earning more than $1 million, according to multiple outlets, including Bloomberg News and The New York Times. This plan would bring the capital gains tax rate and the top individual income tax rate, currently at 37%, to near parity. Biden pressured to disclose political appointees’ ethics agreements as advisor’s brother lobbies White House.

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That proposal would be separate from the $2.3 trillion infrastructure package known as the American Jobs Plan, which would be funded by an increase in the corporate tax rate to 28%. The White House and Democratic lawmakers passed a $1.9 trillion Covid-19 relief package in March.

Source: CNBC

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