Posted 6/30/2020 08:18 (#8344838 - in reply to #8344823) Subject: RE: yes
Dave NWIL - 6/30/2020 08:11
Biden to donors: 'I’m going to get rid of most of Trump’s tax cuts ‘and a lot of you may not like that.' Presumptive Democratic nominee Joe Biden told potential donors to his campaign that his administration would end most of President Donald Trump’s multitrillion-dollar tax cuts — even though “a lot of you may not like that... I’m going to get rid of the bulk of Trump’s $2 trillion tax cut, but I’m going to close loopholes like capital gains and stepped up basis.”
And the real kick to the gonads as I perceive it, would be the tax owed would then be at ordinary income rates, combined with state taxes owed could be as much as 50% of the gain, past the personal exemption, whatever the number may be.