Biden’s Capital Gains Tax Proposal to Hit High Income Married Couples
President Biden is working on his tax plan to make changes to Donald Trump’s Tax Cuts and Jobs Act from 2017. The Biden administration has been very vocal about it’s plans to raise the tax rates on the upper end income earners as well as to raise the capital gains tax rate in general. But with regard to the capital gains tax rate, he has a special gift for married couples.
If you’re a high income individual with an adjusted gross income (AGI) over $1 million who is not married, your cap gains will go from 23.8% to 43.4%. If you are married and have an AGI of $1 million or higher, you will also see that increase. So the tax structure is set to disincentivize married couples. Not a shock coming from Biden. Be sure to read the article from Accounting Today on Biden’s Capital Gains Tax Plan.
About The Author
John Murphy
Husband of 36 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 18-34 and 6 grandchildren. My main work is helping commercial building owners and real estate investors save money on their income taxes by doing cost segregation. I work all over the U.S. but have a lot of clients here in SC and in the southeast in particular. The firm I represent is CSSI, LLC. I love the work! I’ve also been a licensed REALTOR since 2003 and broker since 2007 but my work is limited to just a few clients each year. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either CSSI, LLC or eXp Realty LLC or any other company, organization or group that I might be affiliated with.