The Joe Biden Wealth Tax (Explained)

Here are my thoughts on the new proposed tax plan, what new changes could go into effect, and how much of an impact this might make Enjoy! Add me on InstagramGPStephan | If you want the full analysis, go here

Minority Mindset Tax Plan Video

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The Biggest Changes:

1. Raising the maximum tax bracket from 37% back to 39.6%

2. Applying Payroll Tax to incomes above $400,000 per year

3. Increasing the Capital Gains Tax on incomes over $1 Million Per Year

This would tax long term capital gains as ordinary income, plus a 3.8% surtax, for people earning over $1 million per year. As it is now, on incomes over about $440,000 per year…you pay a flat 20% capital gains tax, PLUS a 3.8% investment surtax…so, 23.8% total, no matter how much you make above that amount.

4. Increasing Corporate Tax Rate from 21% to 28%

4.5 Imposing a 15% minimum tax on corporations with $100 million + in annual income.

5. Allow for a $15,000 Refundable Tax Credit for First Tim Home Buyers

5.5. Allow a $3000 refundable tax credit, and the potential for a $600 bonus

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