Potential huge change on long term Capital Gains T
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Posted On: 01/07/2021 4:04:43 PM
Potential huge change on long term Capital Gains Tax Rate - really ugly for all of us:
https://www.marketwatch.com/story/10-biden-ta...1609958777
3. Higher maximum rate on long-term capital gains
Upper-income individuals would face higher capital gains taxes under the Biden plan. Under current law, the maximum effective federal income tax rate on net long-term capital gains and qualified dividends recognized by individual taxpayers is 23.8%, as explained in the main body of this column. Under the Biden plan, net long-term gains (and presumably dividends) collected by those with incomes above $1 million would be taxed at the same 39.6% maximum rate that is proposed for ordinary income and net short-term capital gains. With the 3.8% NIIT add-on, the maximum effective rate on net long-term gains would 43.4% (39.6% plus 3.8%). That would be almost double the current maximum effective rate of “only” 23.8%.
https://www.marketwatch.com/story/10-biden-ta...1609958777
3. Higher maximum rate on long-term capital gains
Upper-income individuals would face higher capital gains taxes under the Biden plan. Under current law, the maximum effective federal income tax rate on net long-term capital gains and qualified dividends recognized by individual taxpayers is 23.8%, as explained in the main body of this column. Under the Biden plan, net long-term gains (and presumably dividends) collected by those with incomes above $1 million would be taxed at the same 39.6% maximum rate that is proposed for ordinary income and net short-term capital gains. With the 3.8% NIIT add-on, the maximum effective rate on net long-term gains would 43.4% (39.6% plus 3.8%). That would be almost double the current maximum effective rate of “only” 23.8%.
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