Biden Calls for Capital Gains Tax Hike

As expected, President Biden included a capital gains tax increase for millionaires in his American Families Plan.

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When President Biden addresses the nation tonight, he's going to lay out a massive plan designed to "investment in our kids, our families, and our economic future." This plan – called the American Families Plan – would provide paid family and medical leave, free pre-school and community college, tax breaks for low- and middle-income people, limits on child-care costs, scholarships for future teachers, and much more.

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.