3 Ways to Protect Your Finances If Joe Biden Is Elected

2. Proposal: No More Capital Gains Tax Breaks for High Earners

Joe Biden speech.
Photo by Oscar Ivan Lopez – Shutterstock.com

Are you earning $1 or more? Then you should know by now that Biden wants to tax all capital gains and dividends at ordinary income rates, meaning that taxes on selling stocks will jump to 39.6% from the current 20%.

Though this is close to a 100% tax increase, certain individuals might have to pile on another 3.8% net investment tax. So, the highest earners that have since been paying a 23.8% federal tax rate could end up having to pay 43.4% instead.

Again, this is only something that will affect the super-rich, so if you’re not reporting over $1 million in income, you needn’t worry!

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