New York — Charles Myers was sitting in a first-class seat on a flight from New York to Dallas when his phone started blowing up on Thursday. News had just broken that the wealthiest Americans could soon face a tax rate as high as 43.4% on gains from their investments.“Raising capital gains taxes hurts the capital markets,” he said in a text message. “Better to raise the personal top marginal rate and estate tax. Leave capital gains and dividends alone.
The country’s richest 1% own more than 50% of the equity in corporations and in mutual fund shares, according to US Federal Reserve data. The next 9% of the wealthiest own more than a third of equity positions. Added together, the top 10% of Americans hold more than 88% of shares. Billionaire venture capitalist Tim Draper isn’t persuaded. He said raising federal rates to as high as 43.4% would sound the death knell for Silicon Valley and American job creation.
Under Biden’s plan, the capital-gains tax rate for wealthy individuals will rise to 39.6% from the current base rate of 20%. For those earning $1m or more, the new top rate will be coupled with an existing surtax. It would “turn on its head the concept of incentivising individuals to invest in companies using their capital with a preferential tax rate”, he said. But Patricof is trying not to get too worked up about it, for the time being. “Let’s see what the actual proposal looks like before making a judgment.”
Source: News Formal (newsformal.com)
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