evidence: Biden's proposal would raise the top federal rate on long-term capital gains and qualified dividends to 39.6%, from 20%, for taxpayers with annual income over $1 million. [...] Biden's proposal is part of a broader plan to raise taxes for households making more than $400,000 a year, to help fund domestic initiatives that largely benefit the low and middle class. The plan would change capital gains taxes in other ways, too, including taxing appreciated assets upon an owner's death. [...] Their top rate under Biden's proposal would be 43.4% (which includes the 39.6% federal rate and the 3.8% net investment income tax). By comparison, California, New York, and New Jersey would have combined rates of more than 54% for the wealthiest residents.