President Biden’s “Green Book” has proposed taxing the capital gains of high-income people at ordinary income rates. Currently, long-term capital gains and qualified dividends are taxed at a maximum rate of 20% (23.8% including the net investment income tax, if applicable). The Green Book says that preferential tax rates on long-term capital gains and qualified dividends disproportionately benefit high-income taxpayers. Specifically, the proposal is to tax long-term gains and qualified dividends of taxpayers with incomes over $1 million at ordinary income tax rates, with 37% currently being the highest rate. This proposal would have to be approved by Congress to become reality. Call or visit our website for more information! www.mjscpa.com/
