2. Those who are millionaire investors
Joe Biden will hit millionaire investors the hardest. How so? Well… those who make more than $1 million/year will be forced to pay tax on long-term capital gains at the top income tax rate. So, as we already mentioned, the top income tax rate is currently at 37 percent, but this can change if Biden wins (39,6 percent).
Now, there’s also the 3.8 percent surtax on net investment income. Even if Biden didn’t mention anything about this topic, millionaires could see a whopping 43.4 percent rise when it comes to the tax rate on capital gains.
Biden is also planning to change the Opportunity Zone program (the program was designed for wealthy investors who may be eligible for preferential tax treatment under certain conditions).
So, if you’re a millionaire, maybe it’s time to sell some stocks this year in order to take advantage of the preferential tax rates—maybe you won’t be able to do that anymore in 2021.
4 thoughts on ““Will Joe Biden Raise My Taxes?” Let’s Find Out!”
About time. But it willbe passed on to the commkn people anyway. Items will skyrocket in price
Who should we trust Biden or Trump? Common man…do you trust Trump with anything?
Joe also said he will do away with the Trump tax cuts, all of them.
If Biden wins, he will probably forget what he promised after the election. He is a politician with dementia. That’s what they do.