What is the difference of the current tax plan versus the proposed plan for the Biden administration? In this week's Arista Advice, we break down the four major differences.
Hello, welcome to Arista Advice. Question of the week is: "Paul, what is the difference of the current tax plan versus the proposed plan for the current Biden administration?"
I'm just going to lay it straight out to you fiends and clients, it's ugly. It's actually really ugly. From where we were and where we're going, put your seatbelt on and let's take a look.
As you'll see on this sheet corporate tax rates are going from 21% to 28%.
Income and payroll taxes at the federal level are going from 37% to 52%.
Small business taxes, 29.6% to 39.6%, and capital gains and dividend rates are scheduled, potentially, they're talking about going from 23.8% to 43.4%.
Stop the madness, but this is who was voted in, and here we are today. These tax rates will be affecting goods and services and their prices going forward at some point. We don't know but these are proposed discussions that are coming from very reliable sources that we communicate with on a weekly and daily basis.
Hate to bring the bad news, but I want to bring a dose of reality. As you'll see again here, these are the four major adjustments to the tax bill.
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