Live Breaking News & Updates on Axable Income In Excess Of 1 Million

Thursday, May 13, 2021
On April 28, 2021, the White House issued a fact sheet which set forth some additional details on the tax increase proposals contained in President Biden’s “American Families Plan.”  Many of these tax increases are focused on taxpayers having taxable income in excess of $1 million.
Reinstatement of the 39.6% Tax Bracket
Among the significant proposed tax changes is the reinstatement of the 39.6% tax bracket which was eliminated in the 2017 Tax Cuts and Jobs Act. 
Increase to the Capital Gain Rate
A proposed tax increase that will likely significantly affect M&A activity and the real estate market is an increase to the capital gain rate for “households with income in excess of $1 million.” Under this proposal, the capital gains rate would be equal to the top rate applicable to individuals, which under the President’s proposal would be 39.6%. It is assumed that this 39.6% rate would apply to the portion of capital ga ....

United States , White House , District Of Columbia , Revenue Service , President Biden , Families Plan , Capital Gain , Net Investment Income Tax , Defer Gain Under , Like Kind Exchange , Internal Revenue Code , Capital Gain Treatment , Certain Assets Owned , Tax Treatment , American Families Plan , Internal Revenue Service , Dependent Tax , Child Tax Credit , American Rescue Plan Act , Earned Income Tax Credit , Dependent Care Tax , American Families Plan , Tax Increases , Axable Income In Excess Of 1 Million , Capital Gain Rate , 9 6 Tax Bracket ,