Here’s what a Biden presidency might mean for your taxes
7/24/20
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from CNBC,
7/21/20:
Earlier this month, Democratic presidential contender Joe Biden and Sen. Bernie Sanders formed a unity task force and rolled out a 110-page policy agenda that details what we may see in terms of Democrats’ goals.
Biden has proposed raising the top individual income tax rate to 39.6%, up from 37%. Those with income exceeding $1 million could see long-term capital gains rates rise to 39.6%, from 20%.
“Step up in basis” — a tax break that allows beneficiaries to sell off inherited assets and pay little to no taxes — would be repealed.
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