House Democrats propose raising the top tax rate on capital gains and qualified dividends to 28.8%;

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The new rate would apply to stock and other asset sales that occur after Sept. 13, 2021, the date House Democrats introduced the tax portions of their legislation.

  • House Democrats on Monday proposed raising the top tax rate on capital gains and qualified dividends to 28.8%, one of several tax reforms aimed at wealthy Americans to help fund a $3.5 trillion budget plan.
  • The top federal rate would be 25% on long-term capital gains, which is an increase from the existing 20%. (Long-term capital gains are incurred on appreciated assets sold after more than one year of ownership.) Added to an existing 3.8% surtax on net investment income and the total tax bite would be 28.8%.
  • The new rate would apply to stock and other asset sales that occur after Sept. 13, 2021, the date House Democrats introduced the tax portions of their legislation.
  • That aligns with a Biden administration pledge not to raise taxes for households making less than $400,000. However, it’s lower than the current income thresholds at which the top rate applies.

SOURCE: CNBC

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