Biden Capital Gain Proposal

[phil1ben]

I have been reading all my sources and have been unable to get an answer to the following question concerning the proposal. Does anyone know if he is proposing that the higher capital gains tax begins at the first dollar of capitial gain income if you make over 1MM or only applies to that amount which exceeds 1MM?

So for example, say ones total taxable income is 1.3MM comprised of $700,000.00 of long term capital gains. Would the whole $700,000.00 be subject to the new higher capital gains tax or just $300,000.00 of it?

I already understand that one is in a good place having to ask this question.......

Thank you.

 

[Ncc1701]

IMHO, capital gains are not treated as income. Income to me consists of what is on your W2, 1099, Social Security, Real Estate income, interest income etc.

E.G. If you sell a $2M house that you bought for $100K, that $1.9 is a cap gain, not income.

 

[sengsational]

There’s no legislative proposal under consideration, just generalities and speculation. When we have legislation we can discuss.