Dear ,

You may be familiar with President Biden's Fiscal Year 2025 budget proposals that raise capital gains tax rates to the highest percentage since its inception. For context, capital gains are profits from selling capital assets only after an asset is sold – or realized. Generally, capital assets include everything owned and used for personal purposes or certain investments, such as stocks, bonds, real estate, cars, jewelry, and art. 

I've made it clear that I'm a strong proponent of supporting small businesses and the value they bring to our communities and economy. Under these proposals, small business owners that have cultivated a livelihood for 40 years will face the 44.6% top rate, in addition to state capital gains taxes.

These recent proposals, created as a result of the Biden Administration's policies that further contribute to our outrageous overspending, are simply a punishment for individuals who have made intentional investments to set themselves up for a financially stable future. I've taken the time to collaborate with the staff of the Joint Economic Committee to discuss what extreme burdens this creates for hardworking, taxpaying Americans.

If such proposals were implemented, a handful of states would experience a combined federal-state capital gains tax above 50%, per Americans for Tax Reform. You are now being punished for your proactive work to set yourself and your families up for a fiscally sound future. Have you invested in any assets that will be hit hard by these policy changes? If so, which of the following examples of sound investments will personally affect your future financial security?

Stocks and bonds (dividends, ETFs, mutual funds, digital assets) Family residence and residential rental property Household furnishings A car used for leisure or commuting Coin or stamp collections Gems and jewelry Gold, silver, and other metals Other (please specify)

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If you’re looking for more information regarding the conversation I had with expert economists of the Joint Economic Committee, feel free to explore more resources on my website.

Sincerely,

David Schweikert