capitalgainstax
President Joe Biden is requesting an increase for the Internal Revenue Service’s (IRS) budget of $80 billion to boost enforcement. Biden’s measure would crackdown on tax evasion, mostly by high-earners, which economists believe could bring in $700 billion in lost revenue. The president explained the key details of his IRS proposal during an address to a joint session of Congress Wednesday. In addition to the IRS budget increase, Biden’s proposals will also raise the top marginal tax rate from 37% to 39.6% and increase the capital gains tax for people with investments larger than $1 million fro...
uPolitics.com
President Joe Biden and his administration Wednesday laid out the key details of their American Families Plan seeking to expand education, child care options, support women workers and reform tax collection on America’s most wealthy. The American Families Plan seeks to implement universal prekindergarten care, following cities like New York’s “Pre-K for all” program. Biden’s plan also includes a federal paid leave program, subsidies for child care, free community college, aid for students in colleges that historically serve diverse populations, expansions to the Affordable Care Act and extensi...
uPolitics.com
President Joe Biden proposed on Friday amending the federal capital gains tax from 20% to 39.6% to help fund new child care and education initiatives expected to be revealed in his new American Families Plan education and infrastructure bill. Capital gains tax applies only to Americans earning more than $1 million from investments in a calendar year and will most directly affect Wall Street and how much tax must be paid on an equity trade. Biden’s new proposal had an immediate effect on the stock market as the S&P 500 dropped 1% after the announcement despite having been on a steady incline fo...
uPolitics.com
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