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How Might Joe Biden’s Tax Proposals Affect You? Friday, May 14, 2021 On April 28, 2021, President Joe Biden presented his proposed “American Families Plan” in an address to the nation. The address set forth hoped-for “once in a generation” investments focused on benefits to American families. These investments included expanded government-funded education, increases in various child and earned income credits, paid leave proposals, and reformation of unemployment insurance programs. The cost of such investments, as well as various investments in traditional infrastructure programs, is expected to be borne, at least in part, by various tax law changes. This article will focus on the tax mechanisms outlined by President Biden to fund the American Families Plan. As one reviews this summary, it is important to keep in mind that none of the changes outlined below have been presented to Congress as a comprehensive legislative package. They are merely conce ....
Bid to protect farms from capital gains signals Democratic resistance to some tax hikes President Biden likely will need to keep all Democrats on board to get his spending and related tax proposals through Congress. May 11, 2021 3 MINS A group of House Democrats last week warned that changing the capital gains tax could hurt family farms in their districts, a sign of resistance from within President Joe Biden’s party that could grow as Congress wrestles with tax proposals to pay for his infrastructure and social spending packages. In a letter to House Speaker Nancy Pelosi, D-Calif., and other House leaders, 13 Democratic lawmakers expressed concern about a proposal that would end stepped-up basis and tax capital gains of more than $1 million on inherited assets. ....
To embed, copy and paste the code into your website or blog: Vermont senator Bernie Sanders (D) has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy. Taken together, the changes would “rock” the estate planning world, according to a leading attorney. Under Sanders’ For the 99.5 Percent Act, the estate tax exemption would be reduced from $11.7 million for individuals and $23.4 million for couples to $3.5 million for individuals and $7 million for couples. Any estate that is valued at under the exemption amount will not pay any federal estate taxes, while those exceeding the exemption threshold would be subject to a progressively increasing tax rate. Estates valued between $3.5 million and $10 million would be taxed at 45 percent, estates valued between $10 million and $50 million at 50 percent, es ....