Forbes has published an article, “Can Congress Really Increase Taxes Retroactively?” which discusses the Biden’s administration’s budget calls for top capital gains rates to be implemented retroactively . The article begins as follows:
Recently, President Biden unveiled his 2022 budget request. Shortly afterwards, and for the first time since the Obama Administration, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, better known as the “Green Book.”
As was widely anticipated, President Biden’s budget calls for some significant changes to the capital gains rules, including a proposal to increase the top capital gains rate (currently 20%) to 39.6% (before application of the 3.8% net investment income tax) for income in excess of $1 million. In somewhat of a surprise, however, President Biden’s budget calls for the increase in the top capital gains rate to be implemented retroactively.
Click here to see full article: “Can Congress Really Increase Taxes Retroactively?”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal
