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unckiel

Joined: 10/20/14 Posts: 152
Likes: 215


How will taxes not go up under Biden?


He wants to increase tax rates and reduce deductions. I'm not very good at math, but 10 - 5 × 20% (Trump) seems to be less than 10 - 2 × 35% (Biden). Can't wait to see the market when he gets rid of capital gains rates and makes everything ordinary income. Also, getting rid of Sec 199A (qualified business income deduction) will be a nice kick in the nuts. No more step up in basis upon inheritance. But, as long as I won't pay more, I guess it's ok.

Posted: 10/17/2020 at 08:49AM



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Current Thread:
 
  
How will taxes not go up under Biden? -- unckiel 10/17/2020 08:49AM
  Math mods ** -- Hopsblues 10/17/2020 5:17PM
  They will, for wealthy and corporations... -- Newport 10/17/2020 11:27AM

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