Re:ProPublica's tax story
by loeg on Wednesday June 09, 2021 @12:15AM
(#27444157)
> if somebody actually sold say 100M in stock at long term cap gains rates they should be paying roughly 15% tax
No, capital gains tax has brackets -- it isn't a flat 15% -- and the Net Investment Income Tax also applies; for $100M in cap gains, you would pay 23.8% (20% bracket + 3.8% NIIT) on the majority of those gains (everything over $440k single / $500k MFJ).
No, capital gains tax has brackets -- it isn't a flat 15% -- and the Net Investment Income Tax also applies; for $100M in cap gains, you would pay 23.8% (20% bracket + 3.8% NIIT) on the majority of those gains (everything over $440k single / $500k MFJ).