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WADR: Read Biden's proposals
Posted on: November 10, 2020 at 20:09:13 CT
ScottsdaleTiger MU
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If you review/read the plan you'll find that it does a number of things that directly impact the one percenters.
I.e.
1. Those with incomes of more than $400K will be subject to a new "social security tax" of about 13% on incomes over 400K.
2. The maximum marginal tax rate is increased to approximately 40% on 400K plus income earners.
3. The capital gains tax rate is increased to roughly 40% for high income individuals.
4. The exemption from the estate tax is reduced its about 4.5 million.
I.e.
1. Those with incomes of more than $400K will be subject to a new "social security tax" of about 13% on incomes over 400K.
2. The maximum marginal tax rate is increased to approximately 40% on 400K plus income earners.
3. The capital gains tax rate is increased to roughly 40% for high income individuals.
4. The exemption from the estate tax is reduced its about 4.5 million.
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WADR: Read Biden's proposals - ScottsdaleTiger MU - 11/10 20:09:13