Wall Avenue Democrat Roger Altman on Biden’s capital features tax plan
Wall Avenue Democrat Roger Altman mentioned Friday that long-term traders wouldn’t be deterred by Joe Biden’s plans to raise the capital gains tax rate if he defeats President Donald Trump within the November election.
“I have been in finance a very long time, and I’ve by no means seen any examples of people that do not make investments which they suppose are good ones as a result of the capital features price is just a few factors larger than in any other case it could be,” Altman mentioned on CNBC’s “Squawk on the Street.” “I do not consider that is the world we dwell in.”
Biden, the Democratic nominee, has proposed growing the tax on long-term capital features to 39.6% — the identical high price he has proposed for unusual earnings — for these making over $1 million, according to the Tax Foundation. At current, the rate is 20% for single households who’ve taxable earnings over $441,451.
Altman, who based funding banking advisory agency Evercore in 1995, acknowledged a Biden victory would seemingly immediate some traders to promote shares…