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Political and Legislative

White House Defends Biden’s Capital Gains Tax Proposal

The White House on Monday sought to defend President Biden‘s forthcoming proposal to nearly double capital gains taxes for the highest-income Americans, saying the change will only impact a small fraction of taxpayers and make the tax code more fair.

White House economic adviser Brian Deese said repeatedly at a press briefing that the capital gains tax proposal would only impact three-tenths of 1 percent of taxpayers, or about 500,000 households, and described it as a step to equalize taxation of “work and wealth” and return fairness to the tax code.

“The reforms that the president will lay out are focused on this top sliver of people and treating capital gains as the same as wages for that top three-tenths of a percent,” Deese said. 

Read the source article at The Hill

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