President Biden’s 2025 budget proposal provides a salient reminder that he is no moderate, despite his attempts to position himself as one.
Biden’s tax proposals would effectively increase the top federal marginal tax rate on long-term capital gains to 44.6%, a record high since the tax was enacted in the 1920s. As a result, taxes paid on long-term capital gains would reach levels above 50% in some states after accounting for state capital gains taxes. Biden also proposed increasing the corporate income tax rate from 21% to 28% and presented a 25% tax on unrealized capital gains for individuals whose net worth exceeds $100 million.
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