๐ผ Biden's proposed tax plan includes increasing the top marginal tax rate to 39.6% after 2022.
๐ฐ Long-term capital gains and qualified dividends over one million dollars will be taxed at ordinary income tax rates.
๐ Transfers of appreciated property by gift at death will now be treated as taxable dispositions.
๐ The Biden administration's tax plan includes reducing write-offs, taxing carried interest, and capping gain deferrals from real estate exchanges.
๐ฐ The plan also limits deductions for easement transactions and donor advice funds, affecting private donations and tax loopholes.
๐ The proposed tax reforms may have implications on income tax, corporate tax, and unrealized capital gains tax, potentially impacting wealth growth and business investments.
๐ผ The tax implications for C corporations and dividends.
๐ข C corporations are beneficial for businesses that plan to reinvest capital.
๐ฆ LLCs may be more suitable for most small businesses.
๐ฐ Unrealized capital gains tax may hinder wealth accumulation.
๐ฅ Private sector is more effective at deploying capital than the government.
๐ก Biden's tax plan may negatively impact capital deployment and innovation in the US economy.
๐ฐ Wealthy individuals may be disincentivized to invest in startups and software companies, leading to a decrease in funding.
๐ While the US will save less money, foreign competitors may save more and have better capital allocation, resulting in an economic disadvantage.
๐ผ Biden's tax plan proposes an aggressive 80% tax rate on high-income individuals.
๐ฐ This tax rate may have a significant impact on tech companies and their founders, potentially draining their reserves and discouraging growth.
โฐ 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.
๐ฒ Biden's tax plan could potentially bankrupt businesses by imposing high tax debts on unrealized gains.
๐ฐ The tax plan could lead to individuals paying more in taxes than they earn, resulting in the forced sale of assets.
๐จโ๐ผ The plan may discourage entrepreneurship by removing the incentive to strive for success and financial freedom.
๐ Dramatically decrease income tax to zero percent and impose high capital gains tax to achieve a more balanced taxation system.
๐ฐ 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.
๐ผ Privately allocating taxed money for more effective spending
๐ฐ The impact of first generation and self-made billionaires
๐ Focusing on making an impact on humanity rather than legacy
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