Biden Capital Gains Hike Would Hit Couples Earning $1 Million

President Joe Biden’s coming proposal to ramp up the capital gains tax would hit both individuals earning $1 million and married couples filing jointly earning the same amount, according to a White House official.

The official’s clarification came after Biden’s top economic adviser, Brian Deese, said Monday that one element of Biden’s plan would be a change in capital gains taxes.

“This change will affect taxpayers making more than $1 million a year,” Deese, the director of the National Economic Council, said at a press briefing Monday, without specifying whether he was referring to individuals or married couples. ...