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If President Joe Biden indeed proposes almost doubling the capital gains tax rate for wealthy individuals, to 39.6 percent, investment advisers will encourage many of their clients to sell any assets they’re thinking of selling as fast as possible, before the tax change goes into effect, according to Treasury & Risk sister publication ThinkAdvisor. A few of them stressed that their wealthiest clients won’t be the only ones hurt by an increased tax rate—many middle-class investors will feel the impact as well.

Biden is considering the capital gains tax increase to help fund his social spending plans, according to people familiar with the proposal. For those earning $1 million or more, Bloomberg reported, “the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4 percent.”

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