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April 22, 2021, 1:31 p.m. EDT

Biden to propose nearly doubling capital gains tax for wealthy: report

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By Robert Schroeder

President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%, Bloomberg News reported Thursday . Combined with an existing surtax on investment income, Bloomberg said, that means federal tax rates for investors could be as high as 43.4%. Bloomberg cited people familiar with the proposal, and said the plan would boost the capital gains rate to 39.6% for those earning $1 million or more. The president is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming "American Families Plan," Bloomberg said. U.S. stocks /zigman2/quotes/210598065/realtime DJIA -0.78% /zigman2/quotes/210599714/realtime SPX -0.85% /zigman2/quotes/210598365/realtime COMP -0.56% turned lower on the news.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,060.66
-267.13 -0.78%
Volume: 301.78M
May 18, 2021 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,127.83
-35.46 -0.85%
Volume: 2.33B
May 18, 2021 5:16p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,303.64
-75.41 -0.56%
Volume: 3.93M
May 18, 2021 5:16p
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