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Biden's 2025 Tax Plan: 44.6% on Capital Gains, 25% on Unrealized Gains for Wealthy

Apr 25, 2024, 01:52 AM

President Biden has proposed a significant overhaul of the tax system for fiscal year 2025, including a 44.6% capital gains tax rate for earnings over $1 million and a controversial 25% tax on unrealized capital gains for wealthy individuals. Critics argue that these measures could lead to economic downturns, discourage investment, and prompt wealth outflow from the U.S. The proposals, which need to pass both the House and Senate, face steep opposition in Congress and are considered unlikely to pass.