Providing personalized tax, accounting and consulting services to Evergreen, Conifer and the greater metro area since 1992


What is in Biden's initial tax changes proposal?

  • The top individual federal income tax rate would rise from 37% to the pre-Trump rate of 39.6%.
  • The corporate rate would rise from 21% to 28%; a 15% alternative minimum tax would apply to corporate book income of $100 million and higher.
  • Individuals earning $400,000 or more would pay additional payroll taxes.
  • The maximum Child and Dependent Tax Credit would rise from $3,000 to $8,000 ($16,000 for more than one dependent).
  • Tax relief would be offered for student debt forgiveness and the first-time homebuyer’s credit would be restored.
  • The estate tax exemption would drop by about 50%.
  • Stepped-up basis provisions for inherited assets would be eliminated.

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