Episode 27: Biden’s Big Tax Plan Changes-How Do They Affect You?

Episode Summary

May 18, 2021 | 00:31:51 | E27

Karl Frank CFP® and Nathan Merrill discuss Biden’s proposed tax plan changes. This is the largest tax increase in US history, in dollar terms, and the second largest in history by percentage terms. Learn about the increased income tax. The long-term capital gains tax increased by the largest percentage in history. Learn about the estate tax increase and possible decrease in the estate tax exemption. This means a lot more people will be taxed a lot more upon death. Learn about the loss of a tax break called the step-up in cost basis. This tax, plus the others, could be more expensive than many people realize. Learn about the hidden “gotcha” in a real estate tax. We briefly discuss the increased corporate tax. We discuss some of the biggest winners and losers and we offer some planning ideas to help.
See also the blog post: https://assetsandincome.com/blog/what-biden-tax-increases-mean/