Here are my thoughts on the new proposed tax plan, what new changes could go into effect, and how much of an impact this might make – Enjoy! Add me on Instagram: GPStephan | If you want the full analysis, go here: https://taxfoundation.org/joe-biden-tax-plan-2020/
Minority Mindset Tax Plan Video: https://youtu.be/arCWc340Ltc
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The Biggest Changes:
1. Raising the maximum tax bracket from 37% back to 39.6%
2. Applying Payroll Tax to incomes above $400,000 per year
3. Increasing the Capital Gains Tax on incomes over $1 Million Per Year
This would tax long term capital gains as ordinary income, plus a 3.8% surtax, for people earning over $1 million per year. As it is now, on incomes over about $440,000 per year…you pay a flat 20% capital gains tax, PLUS a 3.8% investment surtax…so, 23.8% total, no matter how much you make above that amount.
4. Increasing Corporate Tax Rate from 21% to 28%
4.5 Imposing a 15% minimum tax on corporations with $100 million + in annual income.
5. Allow for a $15,000 Refundable Tax Credit for First Tim Home Buyers
5.5. Allow a $3000 refundable tax credit, and the potential for a $600 bonus
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