Wall Road Democrat Roger Altman on Biden’s capital good points tax plan
Wall Road Democrat Roger Altman stated Friday that long-term buyers 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 assume are good ones as a result of the capital good points charge is a number of factors increased than in any other case it is likely to be,” Altman stated on CNBC’s “Squawk on the Street.” “I do not consider that is the world we reside in.”
Biden, the Democratic nominee, has proposed rising the tax on long-term capital good points to 39.6% — the identical prime charge he has proposed for peculiar revenue — for these making over $1 million, according to the Tax Foundation. At current, the rate is 20% for single households who’ve taxable revenue over $441,451.
Altman, who based funding banking advisory agency Evercore in 1995, acknowledged a Biden victory would possible immediate some buyers to promote shares…