President Biden Calls for 44.6% Capital Gains Tax Rate
In March, President Biden proposed a 44.6% capital gains tax in the 2025 government budget, the highest in history. The proposal includes a 25% tax on unrealized gains for high-net-worth individuals. A quote from the March budget proposal reads “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.” President Biden proposes a 44.6% capital gains tax, the highest in history. The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals. pic.twitter.com/ebiYWfO9Oj — Watcher.Guru (@WatcherGuru) April 24, 2024 The source of the 44.6% rate is a footnote from the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, and it reads in relevant part: “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000 … Together, ...