Reduce Biden's Capital Gains Tax Plan

Reduce Biden's Capital Gains Tax Plan

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Nick Ferraro started this petition to Joe Biden and

A few weeks ago president Biden proposed his new capital gains tax plan. This would raise the top rate on long-term capital gains to 39.6% from 20%. The tax raise would apply to families making more than $1 million. Higher taxes discourage work, saving, investment, and innovation. Higher capital gains tax rates reduce the value of many investments when people go to sell them, whether it's stocks or a home. Additionally, it increases volatility in the stock market because people may try to sell shares before the higher tax takes effect. 

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