Here is a list of those changes. The article will provide a broader based explanation of the changes listed.
- Reducing federal estate, gift and generation skipping tax exemption to as low as $3.5 million instead of the current $11.7 million.
- Eliminating discounting techniques.
- Taxing grantor trusts in the grantor’s estate.
- Eliminating step up in basis at the time of death.
- Limiting the generation skipping exemption to a specific number of years.
- Reducing the gift tax free annual exclusion which is currently $15,000 to as many individuals as the taxpayer wishes.
- Increasing income taxes for high earning taxpayers.
- Capping the benefit derived from income tax deductions and for upper income taxpayers the elimination of up to 80 percent of their deductions.
- Broadening the 12.4 percent Social Security tax from $142,000 to $400,000.
- Eliminating tax free exchanges of real estate under IRC Section 1031.
- Imposing an annual wealth tax.
- Limiting the size to which IRAs and other retirement accounts can grow.
Title: Twelve Potential Biden Tax Changes to Keep an Eye On
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