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Biden capital-gain tax hike plan to curb ability to avoid it
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New: Biden’s budget assumes that his proposed capital-gains tax rate increase took effect in late April, meaning that it would already be too late for high-income investors to realize gains at the lower tax rates if Congress agrees https://t.co/dFWR2G65Yy
— Tim Hanrahan (@TimJHanrahan) May 27, 2021
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Stocks Snap Lower As Biden Budget Suggests Retroactive Capital Gains Tax Hike
US equity markets hit a vacuum to the downside briefly this morning shortly after headlines that the $6 trillion Biden budget malarkey includes the assumption that a retroactive capital gains tax hike would be included (which would have started in April). The Wall Street Journal reports that President Biden's budget assumes that his proposed capital-gains tax rate increase took effect in late April, meaning that it would already be too late for high-income investors to realize gains at the lower tax rates if Congress agrees, according to two people familiar with the proposal. Mr. Biden's plan would raise the top tax ... (full story)
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