President Biden proposed nearly $5.5 trillion in new taxes and the highest personal income tax rate in nearly 40 years. The $6.8 trillion spending blueprint, which has no chance of passing , calls for raising the top income tax rate from 37 to 39.6 percent. One of Biden's biggest proposed changes to tax code would be nearly doubling the capital gains tax rate for people earning $1 million or more from 20 percent to 39.6 percent and applying an additional surcharge to fund Medicare, bringing rates up to 45 percent.
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