reported that the American Families Plan, which will focus on childcare, paid leave and other elements of the “care economy,” could include $1 trillion in new spending, plus $500 billion in new tax credits and is expected to be paid for with tax increases on high income Americans and wealthy investors and heirs.
While the White House has not yet released any official details about its coming tax plan , Biden’s campaign proposals offer clues to what may be around the corner. The president is a proponent of raising the top income tax rate on ordinary income from 37% to 39.7% and has advocated for tax hikes on the capital gains realized by the wealthy while limiting their deductions.
He’s also proposed expanding payroll taxes for those with income above $400,000 per year to bulk up the shaky financing of the Social Security program and pay for higher benefits for the program’s oldest beneficiaries. He has advocated for returning the estate and gift tax rates to levels from 2009, when the top rate was 45% and the estate tax exemption was $3.5 million per individual, compared to the currentHe’s supported eliminating the so-called “step-up” in basis, which allows heirs to immediately sell appreciated assets they inherit without owing any capital gains tax and also taxing capital gains and dividends at the higher ordinary income rate for those with income above $1 million.
BidenRegret
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