We have received a lot of questions from clients over the past few weeks about the Biden Tax Plan. With the elections coming up on November 3rd, if Biden wins, there is a high likelihood that there will be changes made to the current tax laws as early as 2021. A Biden win would encourage business owners and individual taxpayers to makes some very important financial decisions prior to December 31, 2020 in an attempt to capture the lower tax rates that exist this year. In this video, Dave Wojeski and I will be reviewing Biden’s Tax Plan which includes:
• Changes Long Term Capital Gains Rates
• Changes to Qualified Dividend Tax Rates
• Changes to Ordinary Income Tax Rates
• Changes to the tax treatments of contributions to pre-tax retirement accounts
• Elimination of the QBI deduction for certain business owners
• Increases to the Child Tax Credit and Dependent Care Credit
• A new $15,000 First Time Homebuyer Credit
• A new $5,000 Caregivers Credit
• Estate Planning Changes: Elimination of the Step-up Rule
