Biden’s new retroactive tax increase
Biden’s proposal to raise taxes on capital gains to 43.4% is going into effect as of April 2021, not January 1, 2022 according to the latest leak from the White House.
Most tax increases are prospective meaning that the public expects them to go into effect in the future, like January 1, 2022. However this tax sandbag now being proposed is to go into effect in April 2021 when Biden introduced the American Families Plan.
