President Biden wants to double the capital gains tax for those making over $400,000. Here's what we think will happen.

Here is how CNBC summarizes:  President Joe Biden proposed a top federal tax rate of 39.6% on long-term capital gains and qualified dividends. With average state taxes and a 3.8% federal surtax, the wealthiest people would pay almost 49% total.

We think, predict:  39.6% No, maybe a couple of percentage points up.  And not right away.  As has happened in the past, we see the present holdings in portfolios will be grandfathered so any sales of assets if and when a new tax becomes law will not affect wealth.  Remember, the big product of Congress is The Loophole.

And one more prediction:  Watch that $400,000 come down.