> For high income taxpayers, the long-term capital gains tax could nearly double to 39.6%. That proposed capital gains rate increase would apply to investors who make at least $1 million a year. In fact, it is possible to go even higher, as high as 44.6%. Portions of the General Explanations of the Administration’s FY 2025 Revenue Proposals note that for some taxpayers, if you add several proposals together, they could increase the top marginal rate on long-term capital gains and qualified dividends to 44.6%. It seems unlikely that this major capital gains tax change will be enacted, but time will tell.

I think it is misleading to “capital gains /are/ going to be 44%” when the reality is “if you make more than $1 million a year and if the every tax hike the Biden administration has thought of gets passed into law by Congress, the capital gains rate could be 44%”.