The Biden plan creates a second death tax on top of the existing one. Assets held at death would be taxed on their built-in capital gains at 43.4 percent. There would be a $1 million-ish exemption, but this new death tax kicks in much earlier. /5 https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-the-american-families-plan/">https://www.whitehouse.gov/briefing-...
It& #39;s important to note that this new Biden Death Tax is ON TOP OF the existing death tax. Once the Biden Death Tax is paid, the regular old Death Tax also has to be paid. The taxes cascade to a federal total of 66 percent, before states get their cut. /6 https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-the-american-families-plan/">https://www.whitehouse.gov/briefing-...
The new 43.4 percent capital gains tax also means that "carried interest" gains are taxed at this level. But the plan goes further by ripping these out of partnership law entirely. This could have unintended consequences for "sweat equity" ventures. /8 https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-the-american-families-plan/">https://www.whitehouse.gov/briefing-...
Finally, the Biden plan imposes a new "seniors and small businesses" 3.8 percent surtax on Social Security payments, 401(k)s and pensions, IRA distributions, and small business S-corp and partnership profits for those making more than $400k per year. /Fin https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-the-american-families-plan/">https://www.whitehouse.gov/briefing-...
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