US President Joe Biden intends to nearly double taxes on the wealthy. According to Bloomberg, if the plans succeed, the capital gains tax rate for those earning more than $1 million a year will rise to 39.6 percent. It would be the largest tax increase since 1993.
Currently, the rate is 20 percent. With the additional levy on investment income (3.8 percent) after the tax change, wealthy investors would have to give 43.4 percent of their income to the state.
The proceeds are supposed to be used to fund education and facilities for children and support American families.