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Can Congress Really Increase Taxes Retroactively?

  Recently, President Biden unveiled his 2022 budget request. Shortly afterwards, and for the first time since the Obama Administration, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, better known as the “Green Book.” As was widely anticipated, President Biden’s budget calls for some significant changes to the capital gains rules, including a proposal to increase the top capital gains rate (currently 20%) to 39.6% (before application of the 3.8% net investment income tax)…

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