Biden Capital Gains Hike Would Hit Couples Earning $1 Million

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  • Bloomberg Quicktake: Now published this video item, entitled “Biden Capital Gains Hike Would Hit Couples Earning $1 Million” – below is their description.

    The official’s clarification came after Biden’s top economic adviser, Brian Deese, said Monday that one element of Biden’s plan would be a change in capital gains taxes.

    “This change will affect taxpayers making more than $1 million a year,” Deese, the director of the National Economic Council, said at a press briefing Monday, without specifying whether he was referring to individuals or married couples.

    Biden is set on Wednesday to unveil his “American Families Plan,” featuring major new social-spending measures that would be funded in part by higher taxes on the wealthy. Deese briefed on just one element of the plan Monday after criticism from Republicans about the White House’s reported push to almost double the capital gains tax for top earners.

    Deese described the capital gains increase as affecting “three-tenths of a percent of taxpayers,” or about 500,000 U.S. households.

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    In This Story: Republicans

    The Republican Party, sometimes also referred to as the GOP (Grand Old Party), is one of the two major contemporary political parties in the United States, along with its main, historic rival, the Democratic Party.

    It was founded on 20th March 1854 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Ronna McDaniel (chairwoman).

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