Biden proposed (again) a new minimum tax on Billionaires

[GHD999]

Biden to Urge 25% Billionaire Tax, Levies on Rich Investors

President Joe Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending.

www.bloomberg.com

He wants to tax Billionaires at least 25% (vague proposal) and increase federal capital gains tax to 39.6% just like the new top federal income tax bracket. So basically all type of income from individuals will be taxed at "ordinary" rates. Also CIT from 21% to 28%.

It will, of course, never pass. lol

 

[OffMyBack]

he tax change is aimed at the majority of businesses in the United States that are known as "pass-through" firms that are not subject to the corporate income tax and instead have their income reported to the government on individual tax returns, subjecting them to the lower tax rates.

Under the proposed changes, individuals who make more than $400,000 annually and couples who make more than $500,000 would have to pay a 3.8% tax on earnings from their pass-through business income.


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now..... what does that mean for pass through non resident llc we hear about on this forum?

 

[JohnnyDoe]

What’s the problem? Just buy a random rubbish piece of modern art for a few bucks, have it apprised for zillions, donate it to a museum and enjoy the tax break