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While we all paytaxeson our income, we also pay taxes on earnings and profits from investments.
The amount of tax owed on investments is divided into two categories: short-term and long-termcapital gains tax.
According to Investopedia, capital gains tax is defined as a tax imposed on the sale of an asset.
This is based on your regularincome tax bracket.
The higher the earner, the higher the short-term capital gains tax.
In addition, Kiplinger explained one other element of Bidens proposal.
His idea is simple: to help generatemore tax revenueand make the wealthiest Americans pay their fair share.
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