Top Combined Capital Gains Tax Rates Would Average Nearly 37 Percent Under House Dems’ Plan. Biden is bringing back the old Jimmy Carter tax form. “How much did you make? Send it in.
House Democrats’ reconciliation legislation proposes raising the long-term capital gains tax rate to 25 percent and applying a new 3 percentage point surcharge on all income above $5 million of modified adjusted gross income. When including the net investment income tax of 3.8 percent under current law, the top marginal capital gains tax rate would reach 31.8 percent at the federal level.
This post was last modified on October 25, 2021
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As anyone who paid attention in any economics class, as soon as there is no more “rich people”, the next ones on the list are the average working person.