Written by Econintersect Guest
– this post authored by Ed Dolan, Niskanen Center
President Joe Biden’s American Families Plan includes some ambitious spending proposals. Those pare offset, at least in part, by major changes in the way the capital gains of wealthy households are taxed. The proposal has rekindled a long-running debate over the taxation of investment income in general and capital gains in particular. This commentary reviews the arguments for and against eliminating the existing preferential tax treatment of capital gains. It concludes that although both sides to the debate make some valid points, the case for Biden’s plan is, on balance, a strong one.
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