Capital-Gains Tax Rate Increase Started in Late April
If you are a high-income earner anticipating huge capital gain in the current year, this news will be relevant to you. President Biden’s new proposed tax law will assume that capital-gains tax rate increase starts in April 2021, leaving no time for investors to realize gains at the lower tax rates if Congress agrees. This new law will raise the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million. He detailed the plan on April 28th and the budget will be released soon.
The good news is it is not too late to start tax planning in 2021! If you need help or have any questions, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.