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A Proposal for Now
By Joel Lee
President Biden will soon propose nearly doubling the capital gains tax for wealthy people to 39.6%, according to Bloomberg.
PS: Wealthy people = individuals earning $1 million or more.
Biden is expected to announce the tax hike next week as part of the pitch for his “American Families Plan,” the highly anticipated sequel to the $2.3 trillion infrastructure proposal he released a few weeks ago.
- To pay for the first plan, which includes spending on bridges and broadband, Biden wants to hike taxes on corporations.
- To pay for his second proposal, which includes spending on childcare and paid leave for workers, he wants to hike taxes on wealthy investors.
NOTE: Physicians and all investors knew this dramatic hike was coming (the proposal was in candidate Biden’s tax plan), but the report jarred Wall Street nonetheless. It could lead to a lot of asset sales before 2021’s out.
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