The combined state and federal capital gains tax rate in California would increase from the current 37.1% to 56.7% under President Biden’s American Families Plan, according to a new study from the Tax Foundation.
The 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 foundation analysis also shows.
Nationwide, the combined average capital gains tax rate would be roughly 48.4% under the Democrat president’s proposal, with the top federal tax rate increasing to 43.4%, according to the report. That compares to the current combined average rate of about 29%, the study found.
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