Expected Changes on Biden's Tax Policies
President-elect Joe Biden is calling for a series of changes to the current US tax law. The tax plan released before the election states new policies that would raise taxes and increase tax compliance on high-income individuals and corporations. In addition, the Biden administration is proposing to expand estate and gift tax and increasing the tax rate on profits earned by foreign corporations of US firms.
The Proposed Tax policy themes highlight:
• Individual income tax rate increases
• Additional payroll taxes on high earners
• Subject capital gains to ordinary income tax rates
• Expanding tax benefits for lower-and middle-Income Individuals
• Tax wealth generally, various ideas include greater Estate & Gift taxes
• Corporate income tax rate increase
Find the Kaman Kwok Inc. report below, which categorically breaks down and details the proposed changes of the Biden tax plan:
The Biden proposals create significant incentives for proactive tax planning. Taxpayers should be prepared to act quickly to optimize their tax treatment. If you are looking for guidance and need advice on tax planning, connect with us today. Our team is working diligently to provide timely assistance and help you manage the complexity of the changing tax laws. It is our goal to minimize tax implications of cross-border matters.