Biden Unveils Tax Proposal
In advance of his speech last night to a joint session of Congress, President Biden yesterday unveiled the "American Families Plan," a $1.8 trillion proposal that calls for significant federal spending on education, children and families, nutrition and other initiatives through direct expenditures and targeted tax credits.
The administration proposes to pay for the President’s plan through an increase of the top individual rate to 39.6% from 37%, elimination of the capital gain rate preference for taxpayers with income of more than $1 million, elimination of certain real estate 1031 exchanges and an increase in Internal Revenue Service enforcement.