House vote on $3.5 trillion budget raises prospect of higher taxes for the rich
"At this point, we're dealing with Monopoly money," Bill Hoagland, a senior vice president at the Bipartisan Policy Center, told CNBC of the budget framework. "It's when we actually start putting rubber to road that this'll become a heck of a lot more difficult."
The change would raise $131 billion in federal revenue through 2026, according to a U.S. Department of the TreasuryThere's also an expectation that the top tax rate on long-term capital gains will rise. I'd expect some increase, bringing it closer to the individual rate. But not all the way to the individual rate at all.Those with annual income of more than $1 millionfrom investments, compared with just 5% for people who earn less than $50,000 a year, according to the Tax Foundation.
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