I have a flat in one of projects of Amrapali Group in Noida. The builder did not complete the projects on time and the money collected from home buyers was fraudulently utilised for personal purposes.
Income Tax Increases on the Wealthy
The Biden Administration proposes to increase income taxes on
the wealthy and provide more resources to the IRS to enhance
compliance. The headline increases relate to taxing capital gains
and qualified dividends at the top ordinary income tax rates and
the elimination of the step up in basis rule.
Increase Top Income Tax Rate. The rate would
be increased to 39.6 percent (from 37 percent) for taxpayers within
the top 1 percent.
2 Note, the 39.6 percent rate was the top
rate in effect prior to the Tax Cuts and Jobs Act of 2017
(TCJA).
Subject Long-Term Capital Gains and Qualified Dividend
Income Tax Increases on the Wealthy
The Biden Administration proposes to increase income taxes on the wealthy and provide more resources to the IRS to enhance compliance. The headline increases relate to taxing capital gains and qualified dividends at the top ordinary income tax rates and the elimination of the step up in basis rule.
Increase Top Income Tax Rate. The rate would be increased to 39.6 percent (from 37 percent) for taxpayers within the top 1 percent.
2 Note, the 39.6 percent rate was the top rate in effect prior to the Tax Cuts and Jobs Act of 2017 (TCJA).
Subject Long-Term Capital Gains and Qualified Dividend to Ordinarily Income Tax Rates. The rate applicable to long-term capital gains and qualified dividends would be increased to 39.6 percent for households earning more than $1 million. A long-term capital gain derives from assets that are held longer than a year. A qualified dividend is an ordinary dividend that meets specific criteria to be taxed at the curr