As of November 30, 2025, no version of President Biden’s April 2021 proposal to significantly raise the federal long‑term capital‑gains tax rate for high earners (toward or into the high‑30%s) has been enacted by Congress.

Key facts:

1. Original proposal (April 2021): The American Families Plan proposed raising the top long‑term capital‑gains rate for households with over $1 million in income to 39.6%, effectively treating capital gains like ordinary income at the top bracket.

2. What actually passed in Congress:

   • The Inflation Reduction Act of 2022 did not change the statutory long‑term capital‑gains tax brackets; instead, it focused on a 15% corporate minimum tax, IRS enforcement, and other measures. It left the individual long‑term capital‑gains rate structure (0% / 15% / 20% plus NIIT) unchanged for high earners.
   • Earlier versions of the Build Back Better negotiations in 2021–2022 discussed various capital‑gains changes, but those provisions were either dropped or never enacted. The final enacted legislation did not materially raise the top long‑term capital‑gains rate for individuals above the pre‑Biden law 20% statutory maximum (excluding the separate 3.8% Net Investment Income Tax).

3. Current law (late 2025): The top federal long‑term capital‑gains rate for individuals remains 20%, plus the separate 3.8% Net Investment Income Tax for high‑income taxpayers, just as before Biden’s April 2021 proposal. There has been no new statute that:

   • Raises the long‑term capital‑gains rate well above 20% for high earners, or
   • Enacts an alternative but clearly analogous version of the April 2021 39.6% concept.

4. Time horizon: Sufficient time has passed (over four years since the April 2021 proposal and more than three years since Democrats’ main legislative pushes in 2021–2022) to determine whether "something like it" passed. The relevant tax packages for this presidency’s early term have already been enacted without such a change.

Because no version of the proposed substantial capital‑gains rate hike was enacted, Friedberg’s prediction that “it’s going to pass” / “something like it’s going to pass” is wrong.