💼 Biden's proposed tax plan includes increasing the top marginal tax rate to 39.6% after 2022.
💰 Long-term capital gains and qualified dividends over one million dollars will be taxed at ordinary income tax rates.
🏠 Transfers of appreciated property by gift at death will now be treated as taxable dispositions.
📝 The Biden administration's tax plan includes reducing write-offs, taxing carried interest, and capping gain deferrals from real estate exchanges.
💰 The plan also limits deductions for easement transactions and donor advice funds, affecting private donations and tax loopholes.
📄 The proposed tax reforms may have implications on income tax, corporate tax, and unrealized capital gains tax, potentially impacting wealth growth and business investments.
💼 The tax implications for C corporations and dividends.
🏢 C corporations are beneficial for businesses that plan to reinvest capital.
🏦 LLCs may be more suitable for most small businesses.
💰 Unrealized capital gains tax may hinder wealth accumulation.
👥 Private sector is more effective at deploying capital than the government.
💡 Biden's tax plan may negatively impact capital deployment and innovation in the US economy.
💰 Wealthy individuals may be disincentivized to invest in startups and software companies, leading to a decrease in funding.
🌍 While the US will save less money, foreign competitors may save more and have better capital allocation, resulting in an economic disadvantage.
💼 Biden's tax plan proposes an aggressive 80% tax rate on high-income individuals.
💰 This tax rate may have a significant impact on tech companies and their founders, potentially draining their reserves and discouraging growth.
⏰ The tax plan allows for spreading the tax payments over nine years, but these payments can stack up and create mountains of debt in the long run.
💲 Biden's tax plan could potentially bankrupt businesses by imposing high tax debts on unrealized gains.
💰 The tax plan could lead to individuals paying more in taxes than they earn, resulting in the forced sale of assets.
👨💼 The plan may discourage entrepreneurship by removing the incentive to strive for success and financial freedom.
📉 Dramatically decrease income tax to zero percent and impose high capital gains tax to achieve a more balanced taxation system.
💰 Propose a 100% decrease in inheritance tax and reduce taxes on income and capital gains throughout a person's lifetime, incentivizing the wealthy to give away their wealth and benefit society as a whole.
💼 Privately allocating taxed money for more effective spending
💰 The impact of first generation and self-made billionaires
🌍 Focusing on making an impact on humanity rather than legacy