Biden’s tax plan will doom job creation. Proposals under consideration are:
—Raising the corporate tax rate to 28% from 21%.
—Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships.
—Raising the income tax rate on individuals earning more than $400,000.
—Expanding the estate tax’s reach.
—A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)
In other words Biden wants to sock it the top 1% who create jobs.
— Changing the step-up of basis from acquisition price to current fair market value. That will take a huge chunk of inheritable wealth from the heirs and give it to the government. Who would use (invest) it more wisely? Heirs? Or Government?