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Under Biden’s Plan Capital Gains Tax Would Exceed 50% in more than 10 Blue States

Under Biden’s plan, capital gains for higher-income earners are taxed at the ordinary income tax rate, which he would raise to 39.6%. He also raises the 3.8% net investment surtax to 5%.

“Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent,” Biden’s Treasury Department proudly states.

But most states (and some blue cities) impose add-on cap gains taxes. This map from the Daily Mail shows that in 11 states, more than half of the nominal (not real, because there is no inflation-indexing) gains would be taken by federal and state taxes. In California, the rate could reach an astonishing 57.9%.

Brilliant idea Joe!  This is a good way to bring vital investment in start-up companies to a standstill.

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