Joe Biden's raid on the rich: The 11 states where capital gains tax rates would ... trends now
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If Joe Biden is successful in passed his massive capital gains tax rate hike Americans in 11 states will next year be paying over 50 percent on some of the profits when they sell off their assets.
The president's 2025 budget proposal includes increasing the top marginal rate on long-term capital gains dividends to 44.6 percent mark, which is the highest ever since the tax was implemented a century ago.
Many economic and tax experts agree that raising the capital gains tax this high would dis-incentivize investing and hurt the U.S. economy as the Biden administration tries to stick it to the rich.
'The Biden administration may think they are going after the 'super wealthy' with this proposal, but the opposite will be true,' Dan Savickas, the Director of Policy for Taxpayers Protection Alliance, told DailyMail.com.
If a 44.6% capital gains tax rate is included in FY2025 budget, Americans in 11 states will have a burden above 50% when state and federal are combined when selling assets
Biden proposed in his budget for next year the highest-ever capital gains tax rate at 44.6% – the last highest was at 40% under President Jimmy Carter in the late 1970s
'This new capital gains tax proposal will dis-incentivize high-risk, high-reward investments in small businesses and entrepreneurs,' he continued. 'It will, in effect, steer money towards more established
