Subnostr

This is a proposal, let me know if kitco is false news

“Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent,” the proposal said.

Based on this figure, the combined federal and state capital gains tax would exceed 50% in many states, including California (59%), New Jersey (55.3%), Oregon (54.5%), Minnesota (54.4%), and New York (53.4%)."

https://www.kitco.com/news/article/2024-04-24/bidens-2025-budget-proposal-seeks-tax-capital-gains-45-eliminate-crypto-tax

Chad Lupkes 1y ago

That proposal still has to pass Congress, and honestly it's insultingly fake news. It shows a complete disregard for historical accuracy.

Here's the actual language of the proposal:

Long-term capital gains and qualified dividends of taxpayers with taxable income of more than $1 million would be taxed at ordinary rates, with 37 percent generally being the highest rate (40.8 percent including the net investment income tax).18 The proposal would only apply to the extent that the taxpayer’s taxable income exceeds $1 million ($500,000 for married filing separately), indexed for inflation after 2024.

So, if your income exceeds $1M USD per year, then you would be subject to this tax rate. And it would only apply to income ABOVE that threshold. These increases would affect around 1.8% of taxpayers within the US. 98.2% would not be affected at all.

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