WH Adviser Deese: Biden's tax proposal to affect 0.3% of taxpayers

Eren Sengezer FXStreet

Brian Deese, the top economic adviser for US President Joe Biden, said on Monday that Biden will propose changes to capital gains tax for those who make more than $ million, as reported by Reuters.

Additional takeaways

"Change will only affect 0.3% of taxpayers or about 500,000 households in the United States."

"Biden's plan will treat capital gains as wages for top earners."

"Biden's plan aims to equalize treatment of ordinary income and capital gains."

"There is no evidence of a significant impact of capital gains rates on long term investment."

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 was up 0.15% at 4,186.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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