Worrying About Biden’s Capital Gains Tax Headline? Don’t!
(2 min read)
Talk about horrible headlines. President Joe Biden wants to boost the capital gains tax to 39.6% for people making more than $1 million a year, up from 20% currently. The S&P 500 promptly tanked 0.9%.
Further details are scant. There is no word yet on how progressive a new capital gains tax might be. Will it be a cliff at $1 million, or will incomes above some threshold – say $500,000 – be subject to an increasing capital gains rate? A formal proposal is expected next week.
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