What Does Biden’s Proposed Capital Gains Tax Mean for Most American Families?

The Proposed Capital Gains Tax Rate By President Biden Would be The Highest in a Generation with a Negative Impact on the Wealthy but a Positive Impact to Most American Families

They are a great expectation for a proposal to increase the capital gains taxes on wealthy individuals who are making over $1 million by President Joe Biden's administration. The top rate is expected to reach a 39.6% increase by 19.6%  from 20%. 

The Case for Raising TaxeS

To help compensate social expenditures in light of fighting inequality in the United States, which has been in existence for decades.

Taxes vs. Wall Street

An estate's assets primarily pass tax-free, and the estate is not taxed on the loss. 

Savings dividends, such as capital gains, will not be charged under a savings-to-consumption tax scheme.

Taxation of capital gains should be like every other form of income at a lower rate than ordinary earnings.

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