September 8, 2021

Huffington Post: How Farms Became Wealthy Heirs’ Anti-Tax Mascot

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The tax proposals in question do not actually target family farms. The White House has called for higher taxes on capital gains, like the profits from buying a stock and later selling it at a higher price, for people with annual incomes above $1 million.

Capital gains currently enjoy special lower tax rates that top out at 20%, compared to 37% for regular earned income, and are a big reason millionaires can wind up paying lower taxes than regular wage earners. The richest 5% of Americans reap 90% of the benefit of lower capital gains rate, according to the Institute on Taxation and Economic Policy. Read more