Wealth has wings folks. Nothing is permanently safe.
According to a new study from the Tax Foundation, the combined state and federal capital gains tax rate in California would rise from the current 37.1 percent to 56.7 percent under President Biden’s American Families Plan.
CA real estate owners would be hit the hardest
Based on the sale of financial assets – which include real estate – that increase in California would represent the highest levy among the 50 states.
Nationwide, the combined average capital gains tax rate would amount to an estimated 48.4 percent under the president’s proposal, which is intended to help U.S. families with education costs and child care.
“You don’t make the poor rich by making the rich poorer”
~ Winston Churchill
Under this scenario, the Tax Foundation estimates there would be a drop in the nation’s gross domestic product. Federal tax revenue would also decline.
October 23, 2021 Seminar:
Only 50 Seats Available