The Democrats are finalizing their tax increases a
Post# of 85480
(Total Views: 516)
Posted On: 09/13/2021 11:27:42 AM
The Democrats are finalizing their tax increases as of today:
Proposed Tax Changes that Could Affect UNVC Shareholders:
Capital Gains:
The (highest) capital-gains rate would rise to 25% from 20%. When combined with an existing 3.8% investment-income tax the new top rate on capital gains could be as high as 28.8%. The capital-gains tax increase would be effective as of 9/13/21.
A 3% surtax on individuals and married couples with adjusted gross income (AGI) above $5 million.
Estate Taxes:
Reversing the doubling of the estate tax exemption that Congress created in 2017, -going from the current $11.7 million for individuals back to the previous $5.5 million. Instead of that increase expiring at the end of 2025, it would end after 2021.
IRS
The Internal Revenue Service would get nearly $80 billion over a decade to beef up enforcement, which would roughly double the size of the tax agency.
Democrats Release Details of Proposed Tax Increase
https://www.wsj.com/articles/democrats-releas...1631539532
Fortunately, the tax changes are not as drastic as those that were proposed previously!
Proposed Tax Changes that Could Affect UNVC Shareholders:
Capital Gains:
The (highest) capital-gains rate would rise to 25% from 20%. When combined with an existing 3.8% investment-income tax the new top rate on capital gains could be as high as 28.8%. The capital-gains tax increase would be effective as of 9/13/21.
A 3% surtax on individuals and married couples with adjusted gross income (AGI) above $5 million.
Estate Taxes:
Reversing the doubling of the estate tax exemption that Congress created in 2017, -going from the current $11.7 million for individuals back to the previous $5.5 million. Instead of that increase expiring at the end of 2025, it would end after 2021.
IRS
The Internal Revenue Service would get nearly $80 billion over a decade to beef up enforcement, which would roughly double the size of the tax agency.
Democrats Release Details of Proposed Tax Increase
https://www.wsj.com/articles/democrats-releas...1631539532
Fortunately, the tax changes are not as drastic as those that were proposed previously!
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