Democratic Representatives Alexandria Ocasio-Cortez & Jan Schakowsky are working on legislation that would nearly double the top individual U.S. tax rate to 59% on the highest incomes.
The bill, which is still being drafted, also would increase capital gains rates to equalize them with income taxes and move to a so-called "mark-to-market system".
That would require individuals to pay taxes annually on the appreciation of their investments, real estate and business holdings.
AOC Plans Bill To Boost Top Individual Tax Rate To 59%
- by: Laura Davison
- 11-19-2019
- Source:
Accounting Today
- 04/09/2021