https://www.ny1.com/nyc/all-boroughs...b-r61RrbTuyvGA
A group of top-earning New Yorkers faces a potential big tax boost, as President Joe Biden prepares to roll out more details about his economic recovery plan during his Wednesday speech before a joint session of Congress.
Biden is expected to use the address to outline what is being dubbed the “Americans Families Plan,” focused on education and childcare.
To help pay for it, Biden is reportedly going to call for nearly doubling the capital gains tax for some taxpayers to close to 40 percent, according to The New York Times and other outlets. That tax is paid on profits from investments like stocks.
Garrett Watson, a senior policy analyst with the Tax Foundation, said for New York’s highest earners, the sticker price could be even larger, topping 50 percent.
“When you add in the state capital gains rate, you're looking at a 54.3 percent top capital gains rate. New York City also has a separate local tax on capital gains. So you're looking at about a 58.1 percent tax rate,” Watson said.
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