Tax,
Real Estate/Development
May 11, 2022
Biden Proposes Numerous Tax Increases
One of the President’s proposals is to tax long term capital gains and qualified dividends as ordinary income if your taxable income exceeds $1m. If you make a big gain, having a rate jump from 23.8% to 39.6% is going to hurt.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
We already have inflation, but if the Biden administration gets its wish, we will have major tax increases too. President Biden’s 2023 budget is full of planned tax hikes.
These proposals have not yet become law, but here’s what is in store for you if the administration’s raft of ambitious tax hikes becomes law the way the administration hopes. First, the President wants to increase top tax rates for individuals. The top bracket for indiv...
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