Biden to propose capital gains tax increase for Americans earning over $1M

28 Avril, 2021, 00:15 | Auteur: Anatole Charbonneau
  • SOTU Manchin bill needs to be targeted_00021706

Americans for Tax Reform President Grover Norquist warns against an estate tax increase as small businesses may be targeted.

Brian Deese, the director of the National Economic Council, confirmed during a White House press briefing that Biden's proposed tax hike will apply to about 500,000 Americans earning more than $1 million, or about the top 0.3% of US households.

Biden's plan would propose raising the top marginal income tax to 39.6% from 37% and bringing capital gains tax in line with that for those earning more than $1 million a year.

The White House has been contacted for comment.

"This change will only apply to three tenths of a percent of taxpayers, which is not the top 1%, it's not even the top one half of 1%", he told reporters, citing 2018 tax filing data.

"The trend of net equity selling and falling stock prices around capital gains rate changes has usually been short-lived and reversed during subsequent quarters", Kostin said.

Census reports total population of Alaska at 733391
The state's population increased by 507,731 between the 2010 and 2020 population counts, making Utah the 30th most populous state. Census Bureau on Monday announced that six states, mostly in the South and Mountain regions, would gain seats in the U.S.

AstraZeneca : les bénéfices du vaccin augmentent avec l’âge
Le vaccin Johnson & Johnson a déjà été administré à 7,98 millions de personnes aux États-Unis. Le vaccin de J&J est autorisé dans l'UE (sous le nom de Janssen) mais pas encore administré.

Former Boris Johnson aide Dominic Cummings denies leaking text messages
The prime minister had not interfered in a government leak inquiry, his office said on Friday. The Labour Party called for a full investigation into the matter.

Biden is supposed to unveil his families plan on Wednesday during a joint address to Congress.

Biden is set to propose a major increase in capital gains tax from the current 20% base level this week, according to various media outlets.

However, in the long-term, stocks have trended higher six months after previous capital gains tax hikes, Goldman said. Short-term capital gains on assets sold within a year are typically taxed as ordinary income.

When combined with the 3.8% surtax on investment income put in place under Barack Obama, it would take the tax rate on the wealthiest investors to 43.4%. Deese argued that these top earners have been able to avoid higher tax rates because only about 30% of their income comes from wages.

Stocks initially sold off 1% last Thursday after news broke that Biden will propose almost doubling the capital gains tax rate to 39.6% for those making more than $1 million annually, but those losses were recovered on Friday. Nearly 93% of the the tax increase would be borne by taxpayers in the top quintile of income-earners.

Experts estimate the temporary tax cuts approved in the Democrats' COVID-19 relief package will make it so that Americans earning less than $75,000 will largely pay nothing in federal income taxes this year.



Pink supermoon lights up dawn skies
A "supermoon" occurs when we have a full moon at the same time the moon is closer to the Earth on its elliptical orbit. As a result of its close proximity to Earth, a super moon is bigger and brighter than an average full moon.

Australia defence minister says conflict with China over Taiwan likely
He also stressed Australian forces would be ready to act if called upon. "Which facilities are expected not to be smoking ruins?" Chinese vessels during one of its many drills in the South China Sea.

Well, Now We Have Another Fauci Flip-Flop to Add to the List
Updated guidance for overnight camps also suggests staff, volunteers, campers and family members get vaccinated against Covid-19. The guidance discourages close-contact and indoor sports, noting the increased risk of spreading COVID-19 in those situations.

Anti-governor drive hits goal in California, forces recall vote
There were 135 names on the replacement ballot, and many are expected again should Newsom face a recall. Then potential candidates vying to replace Newsom can officially file paperwork to get into the race.

3.49 lakh COVID-19 cases, 2,767 deaths in a day
Hospitals in New Delhi and some of the worst-hit states have reported critical shortages of beds and oxygen supplies on Saturday. The government has also roped the India Air Force (IAF) for carrying oxygen tankers to different parts of the country.

US Will Consider Sending AstraZeneca Vaccine To Covid-Hit India: Top Expert
As for the rest of the world, "We will, of course, always do as much as we can, consistent with our first obligation", he said. That, in turn, poses a threat well beyond the United States".

India's hospitals on verge of Covid collapse amid national oxygen shortage
The New Delhi Television channel later cited the hospital chairman as saying the deaths can not be ascribed to a lack of oxygen. He said the hospital has over 200 patients and they had only half-an-hour of oxygen was left at 10:45 am.

North Carolina deputies placed on administrative leave following fatal shooting
The council's measure isn't binding on the Pasquotank County Sheriff's Office, which is a separate entity from city government. Brown, age 42, was shot and killed outside his home while deputies attempted to execute a warrant for his arrest.

Erdogan, Biden agree to meet in June
The White House kept its statement on the Friday call between Biden and Erdogan short. The White House account of the call made no mention of the issue.

Le combat inachevé pour la reconnaissance du génocide — Arménie
Moins optimiste, Gregory, interrogé par l'AFP dans les rues de Jérusalem pense que cette décision "ne va rien changer". Sans citer les Etats-Unis, le président turc avait dès jeudi adressé une mise en garde à peine voilée à Washington.