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| Top capital gains rate going to 44.6%, I’ve read a couple proposals regarding 1031 exchanges, the best version limits gains to $500,000. The other does away with the provision completely, the White House calling it a “tax free loan that goes on forever”. These new laws will be very bearish/harmful to folks that wish to sell real estate. Could be a rush at year end to sell before rates go up wildly next year. The really wealthy folks he’s coming after with a wealth tax of 25% of assets exceeding 100 million in net worth, whether realized gains or not, those folks gonna get a painful letter in the mail. There’s plenty more in his plan, including large rate increases in Medicare tax. Most of his base, of course,will be all for this, because it doesn’t affect them. So it’s an easy sell to his constituents.
Edited by Boone & Crockett 4/29/2024 20:27
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Biden’s 2025 budget includes massive new tax increases
