House Democrats propose raising the capital gains tax to 28.8%
House Democrats proposed a top federal rate of 25% on long-term capital gains, according to legislation issued Monday by the House Ways and Means Committee. The top rate would be 28.8% when combined with a 3.8% surtax on net investment income.In 2022, it would kick in for single filers with taxable income over $400,000 and for married couples at $450,000, according to a Committee aide.
Rep. Richard Neal, D-MA, chairman of the House Ways and Means Committee, and Rep. Kevin Brady, R-TX, the ranking member, during a Committee hearing on May 24, 2017 in Washington.raising the top tax rate on capital gains to 28.8%, one of several tax reforms aimed at wealthy Americans to help fund a $3.5 trillion budget plan.
The top federal rate would be 25% on long-term capital gains, which is an increase from the existing 20%. Added to an existing 3.8% surtax on net investment income and the total tax bite would be 28.8%. The new rate would apply to stock and other asset sales that occur after Sept. 13, 2021, the date House Democrats introduced the tax portions of their
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House Democrats Consider 26.5% Corporate Tax RateHouse Democrats are considering calling for raising the corporate tax rate to 26.5% from 21% and imposing a surtax on people making over $5 million
Read more »
House Democrats post record August fundraising ahead of 2022The campaign organization aiming to maintain Democratic control of the House in the 2022 midterm races raised $10 million last month.
Read more »
Child tax credit, ACA subsidy extension in House Democrats' tax planHouse Democrats hope to extend existing child cash payments through 2025 and make expanded ACA subsidies permanent as part of a new tax plan lawmakers released on Monday.
Read more »
House Democrats' plan drops repeal of a tax provision for inheritancesHouse Democrats revealed a package of tax hikes on corporations and the rich without President Joseph Biden's proposed levy on inherited property at death.
Read more »
Fauci supports vaccine mandate for air travel after White House declines to rule it outTwo Democratic lawmakers have been pushing for vaccine mandates for all domestic travelers boarding flights.
Read more »