House Democrats propose hike in capital-gains tax to 25% for high earners as of Monday

The Democratic-run House Ways and Means Committee on Monday released legislative text and a bill summary that propose an increase in the capital-gains tax rate for high-income individuals to 25%. The preexisting rate of 20% would apply to transactions made before Monday, according to their legislative text and summary. That’s after President Joe Biden’s proposed budget in May backed a bigger hike and assumed the increase took effect in late April.