Linked article:
"“The Biden tax plan is highly progressive, increasing taxes for the top 1% of earners by 13% to 18% of after-tax income, while indirectly increasing taxes for most other groups by 0.2% to 0.6%,” the committee said, adding, "
Xerty thinks we’re all multi billionaires, maybe?
So Bender, it’s ok with you. Raise the tax rate! We can all take it, (for the good of the country).
From that article it looks like Biden wants to bring back the SALT deduction, which progressives and fiscal conservatives will probably oppose. I could see the second home deduction being canned as well.
that’s like saying the docs work for insurance co.s NHS and VA are completely different.
The SALT deduction never went away, it just got capped at $10K and he wants to remove the cap. But the value of this deduction (and all itemized deductions) has been greatly reduced by the doubling of the standard deduction.
How else are we supposed to pay for the trillions of dollars they spent on wars and stimulating the economy?
(fixed “x” to “%”)
I dunno about that. I expect some of these proposals to not make it (esp the real estate ones), but even if all of them pass I’m gonna pay a lot less than I do now. It really does look like those who make < $400K won’t pay much more.
I misread some of the summary stats, sorry.
I think it’s more like 0-2x as much, allowing for a possible edge case of someone getting a reduction if they had a big capped SALT deduction they get back and manage to avoid the higher tax rates somehow. I kinda doubt they’d repeal the SALT cap since, esp with the higher standard deduction, it would be a huge giveaway to the Evil Rich in Democratic states which might not fit their narrative (in the same way canceling $50k of student loans helps the upper class college kids mostly).
The higher capital gains rates will really suck though. You may have to hold those bitcoins for another 4 years since the LTCG rates on large gains are nearly double.
Probably not too many with $1M+ a year in capital gains, though… Not $1M total, but $1M a year.
Doesn’t take big absolute investments with good returns to hit that… just $150k invested in TSLA last Jan is over $1M in LTCGs… also, you must not know enough crypto bulls 
Doesn’t take big absolute investments with good returns to hit that… just $150k invested in TSLA last Jan is over $1M in LTCGs… also, you must not know enough crypto bulls
The question wasn’t whether it was possible to have gains like that – but your original post of “expect tax increases of…” would suggest it was “typical”.
Somebody correct me if I’m wrong (it happens, you know). 
But how is Biden gonna cause a lot of tax mayhem with a 50-50 Senate?
My best understanding, which again might be in error, is that Senate rules require 60 votes to achieve cloture. I acknowledge this does not apply to judgeships. Tax matters are not judgeships.
Are posters here taking for granted that Schumer and his Democrats will cast aside the 60 vote rule entirely? or carve out a second exception for tax matters?
Because if not, Biden will have nowhere near the number of Senate votes he will need to raise taxes. I’m not even certain Joe Manchin will be with Biden on this.
The Dems can use budget reconciliation rules to make tax changes, just like the Reps use it to pass TCJA. This only requires a simple majority in the Senate under current rules.
Some of the Dems have talked about removing the filibuster but to change that rule, you need a majority (or supermajority?) in the Senate to agree. But Joe Manchin has already said he won’t go along with that change.
Thanks, scanchain. I didn’t realize that. But I should have.
FWIW, I believe tax changes will come, especially on the increase in tax rates. But I’m not so sure if there is enough support to remove the step-up basis. In the document that xerty posted upthread, it mentioned that Obama also proposed to remove the step-up basis during his campaign but as we know, that did not go anywhere.
But I’m not so sure if there is enough support to remove the step-up basis. In the document that xerty posted upthread, it mentioned that Obama also proposed to remove the step-up basis during his campaign but as we know, that did not go anywhere.
I would think they’d have an easier time lowering the estate tax exclusion rather than messing with the stepped-up basis.
And mechanically, eliminating the step-up would be a big enough pain-in-the-ass for a whole lot of “ordinary people” inheriting houses and other things of modest value where the true basis is likely lost to time and lack of book-keeping.
I’d lower it back to pre-Bush era levels adjusted by inflation, and maybe give an additional million dollars or two for family homes and farms, while keeping the step up basis.
Is there really enough appetite on the democrats side to make this change? Or are they looking under every rock to increase the amount of taxes collected?