Are You Rich? Biden Wants to Double Your Capital Gains Taxes and Implement a Wealth Tax

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While social issues have dominated news coverage recently, one of the most contentious and important issues in Washington never changes – tax policy. One of former President Donald Trump’s biggest victories was his 2017 tax plan that drastically reduced taxes for wealthy Americans and corporations. Now, President Joe Biden is trying to roll back some of those changes and introduce some new policies of his own. Two of the biggest proposals he introduced in his recent budget were a big increase to the long-term capital gains tax and a new tax on the wealthiest Americans.

For help figuring out how these changes will impact you and your family, consider working with a financial advisor.