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Reply to "Biden tax proposals - MFJ"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I haven’t been able to find any clarity on the income thresholds for MFJ. I see he is targeting $400k for individuals but what about MFJ? In a perfect world it would be 800k MFJ but I highly doubt that occurs. Has anyone been able to find any data on this? [/quote] It’s 400k for households. I suggest you move to Monte Carlo [/quote] Not according to Bloomberg - this specifically says INDIVIDUALS, not Households: https://www.bloomberg.com/news/articles/2021-03-15/biden-eyes-first-major-tax-hike-since-1993-in-next-economic-plan The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private: Raising the corporate tax rate to 28% from 21% Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships Raising the income tax rate on individuals earning more than $400,000 Expanding the estate tax’s reach A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher) Now obviously nothing is given until we see actual language, and then how it's going to actually get done. [/quote] This is infuriating. My LLC will get taxed more, my county taxes will probably increase, and it will mean raising my prices. Things will get more expensive and people will lose jobs. How about they just tax Bezos, Buffet, Zuckerberg, Gates, and endowment’s at places like Harvard’s at really high rates? [/quote]
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