The Biden Tax Proposal
The Biden Tax Proposal
May 4, 2021
President Biden’s proposed tax platform could lead to major changes to existing federal tax rules applicable to many individuals and businesses. The proposed plan would place more federal taxes on high-income individuals and businesses. There could be sweeping changes aimed at many federal tax categories. These changes may impact Social Security tax, individual income tax, business and investment tax, capital gain tax, and federal and gift tax exemptions.
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