By Vince • April 27, 2024 11:01 pm •
Joe Biden has proposed a massive capital gains tax hike that would raise the top rate to 44.6% on long-term capital gains.
Long-term capital gains refer to any investment held for one year and one day, while short-term capital gains are any gains made during a shorter holding period. Top short-term capital gains rates are already around ~40%.
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The Democrat President’s proposal was met with derision and overwhelming negativity, but do you have to worry?
Biden’s new tax hike would only reportedly affect investors making $1 million or more in income a year or $400,000 in investment income during a single year.
However, this is by no means guaranteed. All taxation is theft and the government cannot
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