Browsing Tag: Biden Tax Proposal

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.