Biden/Harris Tax Proposals
1488
post-template-default,single,single-post,postid-1488,single-format-standard,bridge-core-2.5.2,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode-title-hidden,qode_grid_1300,hide_top_bar_on_mobile_header,qode-theme-ver-23.7,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-7.5,vc_responsive,elementor-default,elementor-kit-1402,elementor-page elementor-page-1488

Biden/Harris Tax Proposals

Biden/Harris Tax Proposals

 

  • Increase corporate tax rate from 21% to 28%
  • Large companies pay greater of normal tax or 15% of book income
  • Real estate like-kind exchanges eliminated
  • Top individual rate increase from 37% to 39.6% (for those “earning” over $400,000)
  • Raise top capital gain rate from 20% to 39.6% (for those with gains over $1 mm)
  • Eliminate basis step-up at death
  • Wages over $400,000 taxed at full social security tax rate (creates donut hole between $142,800 and $400,000 that will shrink over time)
  • Cut estate tax exemption in half
  • Limitations on itemized deductions at higher incomes (only 14% of filers itemize) – restores Pease limitations
  • Dividends are taxed similar to capital gains
  • Deduction for 401(k) and IRA converted to tax credit to equalize benefit across income levels
  • Not a wholesale elimination of the TCJA that President Trump’s administration enacted
  • First-time homebuyer credit
  • Forgiveness of federal student loans
  • Repeal of SALT limitations