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TAX

Answer

Mr. Biden “will require corporations and the wealthiest Americans to finally pay their fair share.” He will accomplish this by increasing the corporate tax rate from 21 percent to 28 percent; increasing taxes on high-income owners of pass through businesses by 20 percent by repealing the qualified business income deduction (Section 199A); and increasing the top individual income tax rate for taxable incomes above $400,000 from 37 percent, and in some cases 35 percent, to 39.6 percent. Mr. Biden intends to tax capital gains for high income earners at the “ordinary income rates” of up to 39.6 percent, and impose a 12.4 percent Social Security payroll tax for wages above $400,000. He also proposes to tax capital gains at the time of death, in addition to the estate tax, rather than allowing the basis for inherited assets to be “stepped-up” at the time of death.

Source:

- joebiden.com/two-tax-policies


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