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

28 Avril, 2021, 00:15 | Auteur: Anatole Charbonneau
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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.

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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.

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