The Build Back Better Act will likely mean higher capital gains for taxpayers, if it passes. According to a document that has been circulated, the Democratic-led House Ways and Means Committee is looking for ways to raise $2.9 trillion in revenue over 10 years. Currently, that plan includes:
- Increased corporate taxes
- Higher income taxes for wealthy taxpayers
- Higher capital gains and estate taxes
If the act passes (and keep in mind it is facing a large pushback from Republicans) it will mean higher capital gains taxes, and will have other impacts for some individual taxpayers, including higher income taxes and estate taxes?
CapGains Inc. is following this legislation closely and is forming a coalition to stay abreast of developments – keep up to date here.
This article does not constitute legal or tax advice. Please consult with your legal or tax advisor with respect to your particular circumstance.