Joe Biden and Kamala Harris
President Biden points to Vice President Kamala Harris in the overflow room at Prince George’s Community College in Largo, Maryland, on Aug. 15. (Brendan Smialowski/AFP via Getty Images)
In his fiscal 2025 budget, Biden had proposed raising the tax rate on long-term capital gains — the profits made from selling or trading an asset held for more than a year — to 39.6% for those earning over $1 million annually, from the current rates, which range up to 20%, depending on income.
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