Newark Star-Ledger: Cory Booker’s New Tax Plan Takes a Cue from … Ronald Reagan?

Booker’s capital gains tax plan is aimed at richer residents. Currently, capital gains are taxed at 23.8 percent compared to a top rate for earned income of 37 percent. And 78 percent of capital gains income goes to the richest 1 percent of taxpayers, according to the Institute on Taxation and Economic Policy, a progressive research group.

While capital gains on stocks now are paid only after they are sold, Booker proposed requiring investors to pay taxes every year on the increased value of such holdings that exceed a lifetime exemption of $2 million. Read more