Topline President Biden will propose hiking the capital gains tax rate from 20% to 39.6%, Bloomberg first reported Thursday, meaning that the top federal tax rate for some high-earning individuals could rise to 43.4% thanks to an additional 3.8% tax on net investment income that was passed as part of Obamacare. President Joe Biden on April 20, 2021 in Washington, DC. Getty Images Key Facts The new 39.6% rate would apply to individuals earning more than $1 million or more, Bloomberg reported, citing people familiar with the situation. The proposed hike of the capital gains tax is just one of several ways Biden could raise taxes on wealthy individuals to pay for his American Families Plan, which will focus on childcare, paid leave and other elements of the “care economy.” While the White House has not yet relea… Click below to read the full story from Forbes
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