Higher-income households could face a raft of taxes under a Joe Biden presidency, including steeper levies on income and capital gains. Democrats will need to win the White House and sweep Congress to see these plans through.
is 20% for single households with more than $441,451 in taxable income in 2020.
"He's thinking of taxes much more as a pay-for, a source of revenue to pay for spending initiatives," said Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center. "He has tax credits for this and that, but they're relatively modest."The Tax Cuts and Jobs Act roughly doubled the amount that you can transfer to others — at your death or during your life as a gift — without being subject to the 40% estate and gift tax.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hollywood Figures Lined Up For Joe Biden Campaign’s Virtual Fundraiser Hosted By Jay LenoJulianne Moore, Barbra Streisand, Rob Reiner, and John Legend are among the lineup of entertainment figures who will appear at a Joe Biden fundraiser next Sunday to mark 100 days until the 2020 pre…
Read more »
Why a 'Do No Harm' General Election Strategy Could Work for Joe BidenADAMS, Wis. -- Nate Zimdars, a Democratic candidate for the Wisconsin state Assembly, arrived at the VFW lodge in Adams, Wisconsin, after marching in the local Independence Day parade, ready to meet voters at an annual outdoor chicken cookout called the "Chic Nic." Although the event was hosted
Read more »
Republican John Kasich Will Reportedly Speak At Democratic National Convention For Joe BidenKasich has been a mainstay in Republican politics for decades.
Read more »
Joe Biden receives endorsements from prominent Muslim American officialsSeveral prominent Muslim American elected officials have endorsed Joe Biden for president.
Read more »
Republican John Kasich Will Reportedly Speak At Democratic National Convention For Joe BidenRepublican John Kasich will reportedly speak at the Democratic National Convention for Joe Biden
Read more »