The presentation below outlines some of the most important tax policy proposals of the Joe Biden campaign. While not all of these proposals will be enacted, general themes emerge that families and individuals ought to consider when reviewing their estate and tax plans, such as:
- Additional payroll taxes on high-earners,
- Increased income tax on high-income individuals,
- Increased capital gains rate imposed on high-income individuals,
- Tax wealth generally; various ideas include an annual wealth tax & greater estate & gift taxes
- Increase the corporate income tax rate.
More details are included in the presentation below.
Proper Planning Takes Time
If you have questions about how these proposals could affect you and your family, or how to take advantage of the current tax policies, we would love to talk to you. It’s difficult to put estate and wealth management plans into effect at the drop of a hat, so proactive planning is key.