Biden has outlined a 2025 budget that would call for the highest top capital gains tax in more than 100 years.
Taxes for a certain subset of individuals could reach beyond 50 percent in five states after a new proposal by President Joe Biden—and experts told Newsweek what that means for people and businesses in those states.'Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent,' the proposal said.However, in some states, that would reach beyond 50 percent due to the state's added-on capital gains tax.
'Since investors with a $100,000 long-term gain would owe $54,000 of that to federal and state taxes in some states, the economy long term could suffer, finance expert Michael Ryan, who runs michaelryanmoney.com, said.'This disincentivizes investment, the primary engine of economic growth,' Ryan told Newsweek. 'It also creates an incentive for policymakers to let inflation run hot to boost tax revenues from inflated nominal gains.
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