White House says its capital gains tax hike will only hit those earning above $1 million to fund childcare and education

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Brian Deese, director of the National Economic Council, said in a White House briefing on Monday that proposed increases to capital gains taxes will only affect taxpayers making over $1 million every year.

“This change will affect taxpayers making more than $1 million a year,” Deese said. “In 2018, three-tenths of 1% of tax filers made more than a million dollars a year.”

The Biden administration has reportedly been eyeing a nearly doubling of the capital gains tax rate, bringing it up to 39.6% with an additional 3.8% Obamacare tax tacked on. details ⇒

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