President Joe Biden’s proposal to increase the top capital gains tax rate could be the highest such tax rate in over a century.

In his 2025 budget proposal, Biden outlined plans to elevate the top marginal rate on long-term capital gains and qualified dividends to 44.6%. This rate, if enacted, would surpass any seen in over a century, according to Americans for Tax Reform (ATR). 

Moreover, the combined federal-state rate could exceed 50% in several states when factoring in state capital gains taxes. For instance, California residents would potentially face a 59% rate, while those in New Jersey, Oregon, Minnesota, and New York could confront rates ranging from 53.4% to 55.3%, according to ATR.

Read more at Newsmax© 2024 Newsmax. All rights reserved.