Biden's capital gains tax plan would push US rate to one of highest in developed world

Biden has proposed raising the capital gains tax rate to 39.6% from 20% for millionaires

Megan Henney FOXBusiness

 

Wealthy Americans could pay one of the highest taxes on capital gains and dividends in the world if President Biden's sweeping tax and spending plan becomes law.  

Biden has proposed raising the capital gains tax rate to 39.6% from 20% for millionaires; coupled with an existing Medicare surcharge, federal tax rates for the wealthy could climb as high as 43.4% – pushing the levy on returns to one of the highest in the developed world, according to a new analysis published by the Tax Foundation, 

Ireland – with a 51% tax on dividends – would be the only developed nation to impose a higher tax on investment income. On average, nations in the 38-member Organization for Economic Cooperation and Development levy a marginal tax rate of 24.4% on dividend income.

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