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Saturday, May 08, 2021 3:04:18 PM
Mapped: Biden’s Capital Gain Tax Increase Proposal by State
By: Howmuch | May 8, 2021
• Capital gain tax rates are a constant subject of political debate, and they’re once again part of the new proposed tax plan. Republicans argue that capital gains should be low because income is already taxed when it’s earned, and taxing investments has the effect of lowering overall economic growth. Democrats believe the wealthiest Americans should pay a lot more in capital gains to bring their tax burden closer in line with working people. Here’s how Biden’s tax proposals would impact capital gains rates around the country.
• California is set to have the highest top marginal tax rate on capital gains in the country, totalling 56.7%.
• 14 states would see their top rates surpass 50% on capital gains under President Biden’s proposal.
• The vast majority of states would see top capital gain tax rates almost double, rising from about 24% to 43% in most places.
• President Biden wants to spend a lot of the money he’s raising through taxes, leaving the future economic picture of his policy proposals up for debate...
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Read Full Story »»»
DiscoverGold
By: Howmuch | May 8, 2021
• Capital gain tax rates are a constant subject of political debate, and they’re once again part of the new proposed tax plan. Republicans argue that capital gains should be low because income is already taxed when it’s earned, and taxing investments has the effect of lowering overall economic growth. Democrats believe the wealthiest Americans should pay a lot more in capital gains to bring their tax burden closer in line with working people. Here’s how Biden’s tax proposals would impact capital gains rates around the country.
• California is set to have the highest top marginal tax rate on capital gains in the country, totalling 56.7%.
• 14 states would see their top rates surpass 50% on capital gains under President Biden’s proposal.
• The vast majority of states would see top capital gain tax rates almost double, rising from about 24% to 43% in most places.
• President Biden wants to spend a lot of the money he’s raising through taxes, leaving the future economic picture of his policy proposals up for debate...
* * *
Read Full Story »»»
DiscoverGold
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