Biden Calls for Doubling Capital Gains Tax

President Biden wants to increase the capital gains tax rate and have the wealthy pay a “fairer” share.

simple rendering of the White House for capital gains tax rate
(Image credit: Getty Images)

President Biden’s $7.3 trillion FY 2025 budget, proposes several tax changes aimed at wealthier taxpayers, including a minimum tax on billionaires, a near doubling of the capital gains tax rate, and an increased Medicare tax rate. 

This budget proposal comes as the IRS says it has recently collected (through ramped-up enforcement) more than $500 million in unpaid taxes from delinquent millionaires and "wealthy tax cheats.

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Kelley R. Taylor
Senior Tax Editor,

As the senior tax editor at, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.