Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 - Americans for Tax Reform
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...
If that capital gains tax happens we are going to see a huge sell off of assets. Figure any sizeable asset that the owner had plans to sell in the next year or two is immediately on the market.
If you had a $500k gain on your house you bought 30 years ago it would be worth selling now to save $100k in taxes. Otherwise your cost to carry will be $8k per month.
Lots of vacation properties that are barely making enough to hold will be reevaluated with less profit from gains available.
Any retired person with stocks transitioning into bonds will accelerate that money movement to protect their nest egg.
Anybody sitting on cheap crypto might sell all or part as well.
Basically nobody wants to give the government half their investment income.
This is exactly what they want us to do. It will basically get us to their goal of "Own Nothing and Be Happy."