Isn’t the proposed cap gains increase only on people making more than $1 million a year?
I need to see the actual proposal when it's available before deciding if I think it's a good idea. Is the $1 million threshold $1MM in ordinary income (all capital gains for those filers taxed at the higher rate) or is it $1MM in capital gains in a given year or is it any transaction with a $1MM capital gain? Is the increased tax on the entire gain or just the portion over $1MM? If we're creating a new threshold, is it $1MM for a single tax payor and a higher amount for a couple filing jointly or $1MM regardless of filing status?