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Biden’s capital gains tax plan would push US rate to one of highest in developed world

White House budget director Mick Mulvaney attends a news briefing at the White House in Washington, U.S., at the first day of the Government shutdown, January 20, 2018. REUTERS/Yuri Gripas - RC1C0A8A94F0

Biden has proposed raising the capital gains tax rate to 39.6% from 20% for millionaires

By Megan Henney

FOXBusiness

Wealthy Americans could pay one of the highest taxes on capital gains and dividends in the world if President Biden’s sweeping tax and spending plan becomes law.

Biden has proposed raising the capital gains tax rate to 39.6% from 20% for millionaires; coupled with an existing Medicare surcharge, federal tax rates for the wealthy could climb as high as 43.4% – pushing the levy on returns to one of the highest in the developed world, according to a new analysis published by the Tax Foundation…

Click the link below to read the rest of this story.

https://www.foxbusiness.com/politics/bidens-capital-gains-tax-plan-highest-among-developed-countries

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