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A Top Senate Democrat Unveils Plan To Revamp The Capital Gains Tax Fund Social Security

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A Top Senate Democrat Unveils Plan To Revamp The Capital Gains Tax Fund Social Security
Photo Credit: Close-Up Photo of Woman With Her Hands Tied With Rope by Engin Akyurt is licensed under Pexels NA
Sen. Ron Wyden, the ranking Democrat on the Senate finance committee, proposed raising taxes on capital gains to the same rates as ordinary income.

He outlines a new system in which capital gains are taxed every year, even if they have not yet been realized.

That would force investors to determine the fair value of their tradable assets annually:  Gains would be taxed at ordinary income rates, and investors could take a deduction for any losses.

Wyden does not specify what the new combined tax rates for ordinary income and capital gains would be.

 

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