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Biden to Raise Capital Gains Taxes on Americans Earning Over $1 Million a Year
Posted
April 26, 2021
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3:13Now PlayingPresident Joe Biden intends to raise capital gains taxes for those earning more than $1 million a year his top economic adviser confirmed Monday, arguing that the move would affect only a tiny share of American households.
“One element of this reform would be to change how we tax capital gains,” Brian Deese, the director of the National Economic Council, said at a press briefing Monday, speaking about forthcoming tax proposals. “This change will affect taxpayers making more than $1 million a year.”
Biden is set on Wednesday to unveil his “American Families Plan,” featuring major new social-spending measures that would be funded in part by higher taxes on the wealthy. Deese briefed on just one element of the plan Monday after criticism from Republicans about the White House’s reported push to almost double the capital gains tax for top earners.
Deese didn’t specify whether the $1 million income threshold is for individuals or for households. But he described the increase as affecting “three-tenths of a percent of taxpayers,” or about 500,000 U.S. households.
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