Quote Originally Posted by SlimTrae View Post
Major Biden tax hikes eyed for next bill (not final) include:

- Corporate rate 21->28%
- Global min tax to 21%
- Top income rate to 39.6%
- End fossil fuel subsidies
- Tax investment gains > $1M as wage income
- Tax assets passed on at death

Me no speaka taxes



NO to SALT ?

Corporate tax rate is going up. (All these things are Biden goals. Whether they happen is another thing.)

America is trying for a global minimum tax rate so American corporations don't just reincorporate in a foreign country with lower tax rates and fuck America off.

Income tax top rate going up a few points. Only applies to people earning over four hundred thousand a year.

No more fossil fuel subsidies. America subsidises oil and gas companies with about a hundred billion dollars of taxpayer money every year and has done for most of a century. Not a hundred billion a hundred years ago obviously but commensurate.

You can either earn income or make money from investments. Earned income has a top rate of about forty percent. Investmenr income can be as low as fifteen percent and that's before accountants and tax lawyers get to work and reduce it to low single digit percentages. A lot of people in the financial industry can loophole all their income as investment income and pay a low single digit income on hundreds of millions/billions of income every year. This would end the loophole and make them pay forty percentish.

You can avoid capital gains on your income at death with good tax planning. You may have made billions in gains on investments you made and your heirs currently avoid paying tax on that when you die. This would mean they would have to pay tax on it.

https://www.nerdwallet.com/article/t...ains-tax-rates

Should be forty really but the maximum is twenty. Any deal wouldn't get anywhere near twenty.

SALT is state and local taxes. Trump changed the law so local taxes can't be deducted from your federal tax bill. Biden won't change that. This mainly affects high earners in blue states --Democratic voters -- which is why Trump did it.