House Democrats on Monday proposed raising the top tax rate on capital gains to 28.8%, one of several tax reforms aimed at wealthy Americans to help fund a $3.5 trillion budget plan. The top federal rate would be 25% on long-term capital gains, which is an increase from the existing 20%. (Long-term capital gains are incurred on appreciated assets sold after more than one year of ownership.) Added to an existing 3.8% surtax on net investment income and the total tax bite would be 28.8%. The new rate would apply to stock and other asset sales that occur after Sept. 13, 2021, the date House Democrats introduced the tax ... (full story)