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Thursday, July 25, 2024

Biden to impose 25 percent tax on super rich, double capital gain tax

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POTUS Joe Biden is all set to present a new tax-increase series on the super-rich, that is billionaires, wealthy investors, and corporations. Biden’s budget proposal will be presented in the Parliament, which has an agenda to impose a minimum of 25 percent tax on the super-rich.

Along with this, his plan is to increase the capital gain tax for investment from 20 percent to 39.6 percent, through which more tax could be generated from corporates and wealthy Americans. This proposal largely represents Biden’s Multi-Trillion Dollar Build Back Better Economic Package. Biden is of the opinion that with this plan of his, a loss of around 3 trillion dollars will be recovered in 10 years. This plan will affect a very small group of people of the USA. Nevertheless, the chances of this proposal getting passed are very low, especially when the House of Representatives is controlled by Republicans.

As per this proposal, the richest 0.01 percent of Americans will pay a minimum of 25 percent tax rate, which will increase the highest tax rate for Americans from 37 percent to 39.6 percent. Accordingly, investors will have to pay 39.6 percent tax on their long-term investments of at least 1 million dollars, which is currently taxed at 20 percent. Corporate tax rate will be increased from 21 percent to 28 percent. Biden, in his proposal, is also ending valuable industry-specific tax break for personal equity fund managers, oil companies, and investors in crypto and real estate.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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