Combined Capital Gains Tax Rate in California to Hit 56.7 Percent Under Biden Plan

Combined Capital Gains Tax Rate in California to Hit 56.7 Percent Under Biden Plan
The California State flag flies outside City Hall, in Los Angeles, Calif., on Jan. 27, 2017. Mark Ralston/AFP via Getty Images
|Updated:

The combined state and federal capital gains tax rate in California would rise from the current 37.1 percent to 56.7 percent under President Biden’s American Families Plan, according to a new study from the Tax Foundation.

That increase, which would include federal, state and local taxes on financial gains from the sale of assets in California, represented the highest levy among the 50 states, the Tax Foundation’s analysis said.

The Center Square
The Center Square
Author
The Center Square was launched in May 2019 to fulfill the need for high-quality statehouse and statewide news across the United States. The focus of our work is state- and local-level government and economic reporting. www.thecentersquare.com
Related Topics