Biden's Capital Gains Tax Proposal Faces Intense Scrutiny and Opposition

The proposed increase to over 50% in some states could significantly impact investment and economic growth, with experts warning of potential negative consequences.

• President Biden's 2025 budget proposal includes a significant increase in capital gains taxes, potentially exceeding 50% in states like California and New York.
• The proposal targets high earners with incomes over $1 million, aiming to equalize the tax burden between investment and ordinary income.
• Experts argue the increase could disincentivize investment, stifle economic growth, and prompt migration from high-tax states.
• Former Senator Heidi Heitkamp expressed skepticism about the proposal's passage, describing it as a 'political document' with little chance of success.
• The potential economic impact of the tax increase is a major concern, with predictions of reduced investment and slower growth in living standards.

3 Articles

Newsweek Benzinga Fox News