Biden to propose almost doubling capital gains tax rate for wealthy individuals - Bloomberg

U.S. President Joe Biden speaks in the Cross Hall at the White House in Washington, U.S., April 20, 2021. REUTERS/Tom Brenner/File Photo

April 22 (Reuters) - U.S. President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy individuals to 39.6% which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, a Bloomberg reported said on Twitter on Thursday, without citing a source.

Reporting by Ismail Shakil in Bengaluru

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