Biden Aims at Top 0.3% with Bid to Tax Capital Like Wages
Private Wealth Services Partner Christopher Boyett was quoted in a Bloomberg article on President Joe Biden's expected proposal to nearly double the capital gains tax rate. Under the proposal, the rate would increase from 20 percent to 39.6 percent, though in high-tax states like California or New York, the combined state and federal capital gains rate could reach more than 50 percent. Mr. Boyett, who advises high-net-worth individuals on tax planning, commented on how the news is affecting clients.
"It's enough to bring fear into the taxpayers' hearts, whether they are a Republican or a Democrat," Mr. Boyett said. "People are taking this seriously. It's a high-anxiety time."
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