President Joe Biden released outline of American Families Plan early this morning. https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-the-american-families-plan/

Some notable tax increases:

—Top individual income tax rate would be raised to 39.6%
—Capital gains rate for households earning more than $1 million would also be 39.6%, plus the 3.8% tax on net investment income would still apply

—Stepped-up basis would end, but with an exemption for gains below $1 million per individual ($2.5 million per couple when combined with existing real estate exemptions)
—Carried interest tax break eliminated even though raising capital gains rate effectively removes the perk

—Would eliminate like-kind exchanges, a important real estate tax break, for gains greater than $500,000
—Would permanently extend the current limit on excess business losses

Noticeably absent are any changes to the estate tax, which @nancook and @laurapdavison previously reported would not be included. President Trump doubled the amount the rich can pass on to heirs tax-free and that’s not addressed here

Other things that stood out to me:

—Plan would require financial institutions to report information on account flows so that earnings from investments and business activity are subject to reporting more like wages are
—Would give IRS authority to regulate paid tax preparers