Fearing Biden tax hikes, wealthy Americans rush to change estate plans
Bidens plan also includes raising taxes on long-term capital gains, which is the profit earned by selling assets whose values have appreciated. Taxpayers with income above $1 million would pay a 39.6% income tax on the profit, instead of the current tiered approach that maxes out at 20% for individuals with $441,450 or more income.
In a statement, Biden campaign spokesman Andrew Bates reiterated the candidate’s intent to change tax law in ways that benefit less affluent people.
“Joe Biden is running to rebuild the backbone of this nation - the American middle class - by ensuring that our economy rewards work and not just wealth,” he said.