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Capital Gains: A Century-Old Tax Break Gets a Rush of Attention
The Biden administration wants to raise tax rates on investment profits for the highest earners. Some Americans who aren’t in the top tier would be affected as well.
ILLUSTRATION: KIERSTEN ESSENPREIS
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Updated June 18, 2021 10:55 am ET
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Suddenly, capital-gains taxes are all over the news.
In late May, the Biden administration released details of its proposals to boost taxes on Americans’ long-term capital-gains income above $1 million by 82%. Soon after, the investigative site ProPublica published an article, based on IRS data it says it obtained, contending that the richest Americans don’t pay their fair share of taxes, and that involves capital gains as well.
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