Opinion | On Capital Gains, Joe Biden Is No Jack Kennedy

There is nothing “moderate” about Joe Biden’s proposals to tax high-income investors. First, the top individual tax rate for income above $400,000 would be raised to 39.6% from 37%. Then long-term capital gains and qualified dividends would be taxed at the ordinary income-tax rate of 39.6% on incomes above $1 million plus an investment-income surtax of 3.8%, bringing the total to 43.4% Finally, the step-up in basis for capital-gains taxation at death would be eliminated.

Focus on the capital-gains proposal. No one has defined…

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