President Biden’s proposed top combined capital gains tax rates would average 48% under the new tax plan. This would represent a major increase from today’s lower rates for long-term capital gains and qualified dividends. In fact, thirteen states and the District of Columbia would have a top combined capital gains tax rate about 50%! Higher combined capital gains tax rates might influence when taxpayers decide to sell assets and realize gains.
At Brandywine Oak, we provide expert tax-planning guidance to our clients to maximize their after-tax returns on all investments. To learn more about this timely topic, please read Tax Foundation’s https://lnkd.in/dbTuFbN.