Biden Admin 44.6 Percent Capital Gains Tax Proposal A 100-Year High

President Joe Biden’s proposal to increase the top capital gains tax rate could be the highest such tax rate in over a century. The combined federal-state rate could exceed 50% in several states when factoring in state capital gains taxes. For instance, California residents would potentially face a 59% rate, while those in New Jersey, Oregon, Minnesota, and New York could confront rates ranging from 53.4% to 55.3%.

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