It has come to my attention that many folks are not aware of Biden’s tax proposals. Being an unconventional gal, and an economist, I tend to focus on the economic side of issues. Hence my focus on taxes for the election – especially given the state of the economy. Not to mention the proposal's will significantly impact the real estate market.
Please know I am not a Trump fan by any means – this is not written to support him whatsoever – this is simply to disseminate and digest Biden’s position as his proposals will be the largest tax hikes in U.S. history.
Below is an outline of the major components:
- Statutory tax rates would increase. As such, the top individual income tax rate would rise from 37% to 40%.
- Impose a