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2024-05-28 Economy
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How Biden's Capital Gains Tax hike will 'crush' the economy and what it means for your money
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[Daily Mail, where America gets its news] Joe Biden's proposed hike to capital gains tax would 'crush' the US economy, a leading expert has warned.
The President has outlined plans to increase the top marginal rate on long-term capital gains and qualified dividends from 23.8 percent to 44.6 percent.
Capital gains tax is paid on investments that have increased in value in the time between them being bought and sold - for example, stocks, properties or cryptocurrencies.
Under the Biden proposal, eleven states would end up paying over 50 percent in capital gains levies when combined with state taxes. High tax states such as New York, California and Hawaii will be harder hit.
Ted Jenkin, CEO of oXYGen Financial, warned that the planned increases will go into effect at the same time critical tax cuts brought in by Trump will also expire. Jenkin explained those two factors would 'crush' the economy as Americans race to sell up their assets in advance.
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Posted by Skidmark 2024-05-28 06:32||
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Posted by NN2N1 2024-05-28 12:46||
2024-05-28 12:46||
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