July 2, 2022

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White House adviser Deese says Biden aims to equalize treatment of ordinary income and capital gains for top earners

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Comments from White House adviser Brian Deese

Comments from White House adviser Brian DeeseĀ 
  • Deese confirms Biden will propose changes to capital gains tax for those who make more than $1 million
  • Deese says change will only affect 0.3% of taxpayers
  • Plan to treat capital gains as wages for top earners
  • There is no evidence of a significant impact of capital gains rates on long term investment

A headline crossed that said Biden aims to equalize the treatment of gains and income but I believe it was in context. So the change is only on earnings above $1m.

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