Higher capital gains taxes are unlikely under President-elect Donald Trump and a Republican-controlled Congress, experts say.
Vice President Kamala Harris proposed higher long-term capital gains tax rates for top earners during the campaign.
But capital gains tax increases won't happen under President-elect Donald Trump and a Republican-controlled Congress, policy economist say.tax rates during her campaign — raising the top rate to 28% from 20% — for those making more than $1 million annually. Long-term capital gains rates apply to assets owned for more than one year.
For 2024, investors pay long-term capital gains rates of 0%, 15% or 20%, depending on taxable income. Assets owned for one year or less are subject to You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. TheHigher earners also pay the net investment income tax, or NIIT, of 3.8% on capital gains, interest, dividends, rents and more once modified adjusted gross income exceeds certain thresholds.
The MAGI limits for NIIT are $200,000 for single filers and $250,000 for married couples filing together and don't adjust for inflation. Combined with long-term capital gains taxes, higher earners currently pay up to 23.8% on investments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump calls in the reinforcements: new Republican senators could remake CongressThe missing piece of Donald Trump’s political resume has been getting his voters to give him reinforcements — but in 2024, he may have done it.
Read more »
Tulsi Gabbard, former Democratic candidate for president, joins Republican party at Trump rallyTulsi Gabbard formally announced her joining of the Republican Party during Tuesday night's rally held for former President Donald Trump in Greensboro, North Carolina
Read more »
Donald Trump's Day 1: President May Not Need Congress for 3 Key PromisesPresident-elect Donald Trump could pass executive orders to fulfill some of his key campaign promises.
Read more »
Mike Pence Congratulates President-Elect Donald Trump, Vice President-Elect JD VanceSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Vice President Kamala Harris calls President-elect Donald Trump to concedeThe New Black View
Read more »
Vice President Kamala Harris Silent, Doesn’t Call President-Elect Donald Trump to Congratulate HimSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »