On Wednesday, the House Ways and Means Committee approved $2.1 Trillion of new tax increases mainly focused on corporations and the wealthy. While the proposals still require approval by the rest of the House and the Senate, key points of the legislation would increase the top corporate tax rate to 26.5% and increase the top individual marginal income tax rate to 39.6%. A 3% surtax would be imposed on incomes above $5M and capital gains rates would increase to 25% for high-income individuals. Although the proposals are likely to pass the House, it is a more difficult path to pass through the Senate.
At Brandywine Oak, we follow the details of the tax proposals so that we can provide expert advice for our clients. To learn more about this timely topic, please read Think Advisor’s https://lnkd.in/gXVVyK_v.