I’ve been studying Biden’s tax proposals for 2
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Posted On: 07/27/2020 8:07:47 PM
I’ve been studying Biden’s tax proposals for 2021 (in case he is elected, and the capital gains tax laws are changed).
The good news is that he’s planning to keep the long-term capital gains tax rates exactly the same as they are now for profits up to $999,999/year (23.8% maximum taxes). However, if you go over the $1 million threshold, with what he is proposing, you will pay 43.4% taxes.
I assume that most if us newly minted UNVC millionaires can learn to live on $999k/year, even though it may be quite difficult!!!
The good news is that he’s planning to keep the long-term capital gains tax rates exactly the same as they are now for profits up to $999,999/year (23.8% maximum taxes). However, if you go over the $1 million threshold, with what he is proposing, you will pay 43.4% taxes.
I assume that most if us newly minted UNVC millionaires can learn to live on $999k/year, even though it may be quite difficult!!!
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