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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.
Your thoughts are appreciated.
THANK YOU
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Filed under: iMBA, Inc., Taxation | Tagged: Biden tax |
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
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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
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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
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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
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