And don’t forget to add the state capital gains tax: the Biden combined federal-state rate would exceed 50% in many states
President Biden has formally proposed the highest top capital gains tax in over 100 years.
Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”
Yes, you read that correctly: A Biden top capital gains and dividends tax rate of 44.6%.
Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
