Biden announces 43% cap gains tax - thoughts?
Just saw this. I haven't read the fine details (assuming there are any yet) and 43% would only apply to those >=$1m - but surely this has big implications for PE carry/gains etc? Would be pretty painful giving almost half that away (I'm in PE myself but on a few hundred $k with very limited carry currently, so won't fall into this bracket for a while if ever).
Posting in off topic to see what your guys' thoughts were on not just PE guys but the overall economy etc. Personally I expected capital gains to go up, but 40%+ seems very much on the high side?