On April 28, 2021, President Biden unveiled the American Families Plan, which includes significant provisions that would increase taxes for wealthy taxpayers. Among a litany of proposed tax changes is a call to increase the tax rate on long-term capital gains from the current 20% to 39.6%, for households making over $1 million. While the proposed legislation has a way to go before enactment, and is likely to see significant revision, many are concerned with the currently proposed rate increase, especially those investing in Qualified Opportunity Zones (OZ).

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