Tax Season 2021

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Tax Hikes Stated In New White House Release

Picture of the White House in Washington, D.C. during Joe Biden Tax Hike Announcement

The new administration has just added to the long list of changes, which includes substantial tax hikes.

With the launching of the American Families Plan, there is quite a lot to unpack here. If you want to walk through each change, and how it will affect you and your business, schedule here.

Both the American Jobs Plan and now The American Families Plan have not been introduced as a law yet, however it is consistent with what was proposed on the campaign trail back in November 2020.

Just a few things to look out for in the coming legislation:

  • Corporate tax rates at 28%
  • Top tax bracket increased to 39.6%
  • Child Tax Credit increased and make permanent
  • Capital Gains rate will increase to top income bracket of 39.6%
  • Potential removal of real estate tax breaks, including 1031 exchange
  • Increase in W-2 FICA taxes for individuals making over 400k.

Also note it is possible these changes are retroactive for 2021.

I’m always online and ready to help you walk through this together. Schedule a free zoom call here:

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