Jorge Castro Quoted on President Biden's Tax Plan in Financial Planning

"When Will Capital Gains Taxes Spike? Advisors Look to Next Week for Clues"

Financial Planning

05.19.2021

Tax Member Jorge Castro, former Congressional tax aide and Counselor to the IRS Commissioner during the Obama administration, commented on the details surrounding President Biden's tax proposals to pay for his $2 trillion infrastructure and jobs plan and $1.8 trillion plan for education and child care. Details on these tax proposals will be included in the Treasury "Greenbook," scheduled for release next week along with the president's budget. In response to the assertion that capital gains taxes will increase, Castro said "the Greenbook is the first indicator of how this could look." In terms of the timing of an increase, Castro said a retroactive date is possible while legislation is finalized but it's "unlikely," because applying higher taxes on past transactions would have significant political pushback.