Joe Biden *NEW* Tax Plan | All Businesses Will Leave America

1 year ago

This is the END of Business in America.. Absolute Madness... Add me on insta @ThisisJohnWilliams

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Now, I am all for paying my fair share however we have to realize why America was America. America was the land of opportunity where people came from all over the world to start a business, invest in their local communities, earn money based on the value those communities received from their business and with that new found wealth and equity, they purchased a house, got married, raised children and sent them to college so that their children could have a better upbringing than what they have received.

However now with this new tax plan issued from Joe Biden on the 2023 Budget what we are seeing is massive changes to capital gains, carried interest, the 1031 exchange and many more changes to business owners.

I believe that these increases will be massive to the American economy.

Before it was income above $540,000 now it will be $400,000...

Long Term Capital Gains... This will be 39.6% - so before if you purchased a property and sold it within a year the tax would be roughly 20% for capital gains.. There also is a net income tax that could be roughly 3.6% if you are in the higher income threshold.

Lifetime Gift Exclusion - you could of gifted someone 12M in the past, now it will be 5M.. Giving money to your kids could fall into the same category.. off shore trust etc

Corporate Tax Rate 21% to 28%... (33% increase on company taxes for C Corps) The rich borrow against their stock and buy assets and live..

1031 Exchange - no cap on gain to defer now - now the cap is $500,000.. the benefits of 1031 exchanges for society are huge..

Carried Interest - partnership, you gave equity to the partner..before they would sell later and get preferential rates - they are now trying to throw that all away by 36.9% + 15% self employment tax.. Total tax will be 51.9%

Rich Tax (100M net worth) - 20% minimum tax they will look at the assets you own and haven't sold and tax you based on the equity in former investments.. You must report the value of the asset classes annually..

Let's say you own a company that is worth 100M and don't have the 20% minimum tax, you'd have to liquidate equity or take out a 20M loan against the business .. You have 9 years to pay this.. on year two you are reassessed on your business again on 20% again..

What are your thoughts on this new tax plan?

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