Capital gains taxes

Biden administration proposals could radically reshape how wealthy Americans are taxed.

Congress estimates that the rule currently costs the government about $43 billion a year.

CliftonLarsonAllen LLP has managed to secure $11 million in opportunity zone funding for a client building a multifamily development in South St. Paul, Minnesota.

President Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains.

President Joe Biden’s coming proposal to ramp up the capital gains tax would hit both individuals earning $1 million and married couples filing jointly earning the same amount, according to a White House official.

President Joe Biden’s coming tax package will feature an end to a major benefit for wealthy estates that drastically minimizes the levy for inheritors, along with a bump up in the top income tax rate and funding for strengthened IRS auditing, according to a person familiar with his proposal.

It’s all but inevitable that the Biden administration, as well as lawmakers at the state level, will target millionaires and billionaires for more levies.

The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6 percent.

Virtually all tax advisors have accepted the inevitability of taxes increasing. The only open questions seem to be when and how high.

A group of senators has drafted legislation that would eliminate the long-standing tax break.