The White House

Not Good

As Mr. Biden settled into the White House, and as the Democrats began planning how to best utilize their slim Congressional majority to enact and pay for their sweeping legislative agenda, the principal concern among most owners of successful closely held businesses was Mr. Biden’s proposal to almost double the federal income tax rate applicable to the long-term capital gains recognized by an individual taxpayer.[i]

Continue Reading Tax Increases in Sight? Time to Sell the Business? Focus on Economics

In advance of the President’s address to Congress this evening, the White House this morning released a summary of Mr. Biden’s proposed changes to the Internal Revenue Code. These changes, together with his previously announced plans to increase the federal corporate income tax, are intended to accomplish three goals: fund the government’s efforts against the pandemic, support new social programs, and enable tax cuts for lower-income families.

Continue Reading Tax Highlights: The American Families Plan