Group Issues Major Warning on Federal Agency’s Proposed Tax Increase

A policy group this week warned that the U.S. Department of Treasury’s proposed budget could significant increase taxes for certain Americans.

A 1040 form used by US taxpayers to file an annual income tax return in a file photo. Joe Raedle/Getty Images

A policy group this week warned that the U.S. Department of Treasury’s proposed budget could significant increase taxes for certain Americans, namely those paying capital gains taxes.

The budget called for a record high 44.6 percent capital gains tax rate, which some have noted would be the highest rate proposed since the tax was created in the 1920s.