August 2021
The Biden administration released the American Families Plan in late April and it included proposals to increase the tax rate on long-term capital gains income over $1 million. Capital gains are the profits from the sale of an asset and generally are considered taxable income. The amount of tax depends on the asset type and holding period. Assets may include real estate, shares of stock, a business or other sizable assets. Several changes are proposed for the taxation of capital gains income.
