Biden Aims at Top 0.3% With Bid to Tax Capital Like Wages
- People earning $1 million would pay 43.4% with Obamacare levy
- Total tax rates for New Yorkers, Californians could top 50%
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President Joe Biden wants to end the preferential U.S. tax treatment of investment income that has benefited the nation’s wealthy as he seeks to fund a sweeping new social-spending program. But he will need to overcome a major political hurdle in Congress to do so.