Top tax rate on capital gains could reach highest level since '70s
CBSN
The top federal tax rate on capital gains could reach levels not seen since the 1970s under the House Democrats' proposed $3.5 trillion budget reconciliation package, according to a new report.
That plan would raise the so-called marginal rate on capital gains — what investors pay when they profit when selling a stock, bond or other asset — to 31.8% at the federal level. But because most states also tax capital gains, the average rate for the nation's wealthiest investors would reach 36.8% and exceed 40% in states such as California and New York, concludes the analysis by the Tax Foundation, an independent tax policy center known for opposing tax increases.
Currently, the top federal capital gains rate is 20% for people earning more than $400,000. Here's how the House Democrats' plan could push that rate to 31.8% for some investors.
Two climbers were waiting to be rescued near the peak of Denali, a colossal mountain that towers over miles of vast tundra in southern Alaska, officials said Wednesday. Originally part of a three-person team that became stranded near the top of the mountain, the climbers put out a distress call more than 30 hours earlier suggesting they were hypothermic and unable to descend on their own, according to the National Park Service.
There's no making up for what Olympic hurdler Lashinda Demus lost on the day she finished .07 seconds behind a Russian opponent who, everyone later learned, was doping. What the American 400-meter hurdles champion will finally receive is a great day under the Eiffel Tower where she'll be presented with the gold medal she was denied 12 years ago at the London Olympics.