On Joe Biden’s Capital Gains Tax Proposal

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.

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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4 Responses

  1. Tax Hike

    Rich Americans Face Biden Tax Hike With Anger, Denial and Grief:
    https://www.msn.com/en-us/money/other/rich-americans-face-biden-tax-hike-with-anger-denial-and-grief/ar-BB1fWKNm?li=BBnb7Kz

    Buddy

    Like

  2. A capital gains tax hike might sink stocks?

    Here’s how financial advisers and their physician clients can stay a step ahead.

    https://www.msn.com/en-us/money/savingandinvesting/a-capital-gains-tax-hike-might-sink-stocks-heres-how-financial-advisers-and-their-clients-can-stay-a-step-ahead/ar-BB1g07cL?li=BBnb7Kz

    Marty

    Like

  3. CGs Second Opinion

    Here’s why a jump in capital gains taxes doesn’t spell the end for stock market gains, according to the world’s largest wealth manager.

    https://www.msn.com/en-us/money/markets/here-s-why-a-jump-in-capital-gains-taxes-doesn-t-spell-the-end-for-stock-market-gains-according-to-the-world-s-largest-wealth-manager/ar-BB1g235a

    Dr. David E. Marcinko MBA

    Like

  4. Tax Code Changes – Not Needed?

    President Joe Biden wants to raise taxes on the wealthy to pay for some of his policy proposals. Part of the way he can go about that doesn’t entail touching the tax system at all — instead, he’d just have to put the IRS to work chasing down rich people to make sure they’re paying taxes they already owe.

    Owen

    Like

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