President Biden Proposes Range of Tax Increases in FY 2025 Budget, Including Capital Gains and Medicare Taxes
President Biden's FY 2025 budget proposes tax increases totaling $7.3 trillion, primarily targeting higher income taxpayers. The plan includes a potential doubling of long-term capital gains tax to 39.6% for high income taxpayers, with some potentially paying over 50% due to federal and state taxes. The proposal also includes increasing the top federal rate on ordinary income to 39.6% for those making $400,000 or more, a hike in the Medicare tax rate from 3.8% to 5%, repealing Section 1031, and implementing a minimum tax rate of 25% on households with a net worth exceeding $100 million. While unlikely to be enacted, if passed, 11 states could see taxpayers facing at least a 50% capital gain tax.
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