Among the many questions regarding changes that will be implemented by the Biden administration are the potential for changes to tax policy.
The tax plan released by Biden before the election included a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise the corporate income tax rate, potentially from the 21% enacted by the Trump administration to 28%, and imposing a corporate minimum book tax.
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This article does not constitute legal or tax advice. Please consult with your legal or tax advisor with respect to your particular circumstance.