Below is a list of tax hikes included in Biden’s budget proposal. This list will be updated as more details of Biden’s Budget become available. The U.S. currently has a combined capital gains rate of over 29 percent, inclusive of the 3.8 percent Obamacare tax and the 5.4 percent state average capital gains rate. As noted by WSJ, this tax hike combined with the increase in the marginal income tax rate would saddle the U.S. with the highest income tax rate in decades:“If Mr. Biden again proposes raising the top marginal income tax to 39.6% from 37%, he would be seeking a combined top federal tax rate of 44.6%, higher than at any point since the mid-1980s. Under current tax rules, real estate investors can exchange real property used for business for similar real property and defer capital gains tax.