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In light of GA's election results, and what's likely a flipping of the Senate, a quick thread recapping some key provisions of the Biden Tax Plan...

(No GIFs. Proposals don't get those)

On the income tax side, the Biden tax plan sets a clear, bright-line mark at $400k...

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If you're below that, you'd be pretty 'safe' from seeing your tax rate(s) increase under his plan.

For those w/ income of $400k or more, he proposed returning the top rate to 39.6% (though whether this is for single filers, joint filers, or both, was never made clear)...

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Biden also proposes eliminating the QBI deduction for anyone with income more than $400k (today, non-specified service biz owners may be able to continue to benefit from the deduction if they have sufficient wages or property).

The $400k mark is also the proposed cut off...

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for taxpayers who want to do a 1031 exchange. Income higher than that? You wouldn't be able to do one under the plan.

Deductions for high earners would also take a hit under Biden tax plan, as the max benefit would be capped at 28% instead of at the taxpayer's actual rate...

5/

Biden also proposes replaced IRA and 401(k) deductions w/ a flat credit. Would be a big benefit for those w/ more modest incomes, while hurting those with higher incomes.

Would also flip SOP for high earners, making Roth accounts FAR more likely to be the better option...