Posted on April 25, 2024

Biden Admin Slammed for Tax Rate Proposal to Avoid Helping ‘White Taxpayers’

Jackson Walker, TND, April 25, 2024

Biden administration proposal to avoid tax rates which “disproportionally benefit White taxpayers” is drawing accusations of being “anything but” equal.

In March, the Treasury Department released its 2025 budget proposal, which suggested increasing the top capital gains tax rate to 44.6%. Capital gains tax refers to the sum of money the government takes from an investor after they sell an asset. These can include stocks, bonds and real estate.

Certain people can take advantage of a preferential rate, or decreased tax rate. These rates, budget authors wrote, “disproportionally benefit White taxpayers who receive the overwhelming majority of the benefits of the reduced rates.”

In proposing a solution to this, budget authors suggested a pair of proposals which would hike the capital gains tax rate to 44.6% for certain high-income earners with taxable income of more than $1 million. {snip}