Skip to content
Subscriber Only
Wealth
Taxes

Rich Americans Face Biden Tax Hike With Anger, Denial and Grief

  • Investors irked by plan for capital gains tax of up to 43.4%
  • The proposal strikes at the heart of widening U.S. wealth gap
Bloomberg business news
Biden to Propose Almost Doubling Capital Gains Tax for Wealthy
Updated on

Charles Myers was sitting in a first-class seat on a flight from New York to Dallas when his phone started blowing up Thursday. News had just broken that the wealthiest Americans could soon face a tax rate as high as 43.4% on gains from their investments.

The chairman of Signum Global Advisors wasn’t thrilled.