REPORT: Biden White House Considers Raising Capital Gains Tax To Nearly 44%

(Saul Loeb/AFP via Getty Images)

Anders Hagstrom White House Correspondent
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President Joe Biden’s administration is weighing nearly doubling the capital gains tax on wealthy Americans to 43.4%, Bloomberg News reported Thursday.

The plan would raise the gains tax to 39.6% for Americans making more than $1 million a year, and that would add upon an existing 3.8% tax on that bracket that supports Obamacare, according to Bloomberg.

Biden has proposals to hike taxes on wealthy Americans in a number of his bills, including the American Jobs Plan, expected to be officially announced next week. (RELATED: Biden Administration Reportedly Crafting First Major Tax Hike Since 1993)