问了chatGPT The proposal outlined aims to increase taxes on high-earning individuals in several ways. Firstly, it would repeal the tax cut introduced by the TCJA for top earners, which reduced the top tax rate from 39.6% to 37%. Secondly, it would increase the Net Investment Income Tax (NIIT) rate from 3.8% to 5% for individuals making over $200,000 ($250,000 for married couples) and expand the types of income subject to the tax for those making over $400,000. The increased revenue from the NIIT increase would go to the Medicare Hospital Insurance trust fund. Additionally, the proposal seeks to tax capital gains at the same rates as ordinary income for individuals with over $1 million in income. It also includes a 25% minimum tax on the top 0.01% of taxpayers, which applies to total income, including unrealized capital gains income, for individuals with a net worth over $100 million. The proposal also aims to limit contributions to tax-favored retirement accounts for high earners, with a focus on eliminating the "Mega IRA" and the carried interest loophole, which allows investment managers to pay more favorable tax rates by reporting part of their compensation as investment gains. Finally, the proposal seeks to restrict like-kind exchanges, which allow investors to delay paying capital gains on the sale of a property as long as the funds are used to immediately buy a similar property elsewhere.
Additionally, the proposal seeks to tax capital gains at the same rates as ordinary income for individuals with over $1 million in income. It also includes a 25% minimum tax on the top 0.01% of taxpayers, which applies to total income, including unrealized capital gains income, for individuals with a net worth over $100 million.
The proposal also aims to limit contributions to tax-favored retirement accounts for high earners, with a focus on eliminating the "Mega IRA" and the carried interest loophole, which allows investment managers to pay more favorable tax rates by reporting part of their compensation as investment gains. Finally, the proposal seeks to restrict like-kind exchanges, which allow investors to delay paying capital gains on the sale of a property as long as the funds are used to immediately buy a similar property elsewhere.