Biden to propose almost doubling capital gains tax rate for wealthy individuals – Bloomberg

FILE PHOTO: U.S. President Biden speak at the White House in Washington
FILE PHOTO: U.S. President Joe Biden speaks in the Cross Hall at the White House in Washington, U.S., April 20, 2021. REUTERS/Tom Brenner

April 22, 2021

(Reuters) – U.S. President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy individuals to 39.6% which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, a Bloomberg reported said on Twitter on Thursday, without citing a source.

(Reporting by Ismail Shakil in Bengaluru)