AmCham NE Online Seminar | Interpretation of the Tax Impact of the President Biden's American Families Plan Calls (EN)

*This event will be conducted in English*

President Joe Biden on April 28 called on Congress to enact both the newly released $1.8 trillion "American Families Plan," to be paid for by tax increases on higher-income individuals, and his previously released $2.3 trillion "American Jobs Plan," to be paid for by increasing the US corporate tax rate to 28% and changing international tax rules. According to a White House summary, the American Families Plan includes "$1 trillion in investments and $800 billion in tax cuts for American families and workers."

Key Biden individual tax proposals affecting high-income individuals include:

• increasing the top individual income tax rate from 37% to 39.6%,
• taxing investment income at the same rate as ordinary income for individuals with income above $1 million,
• limiting the ability of individuals to use the current 'step-up in basis' at death rule,
• broadening application of the 3.8% net investment tax,
• ending the "carried interest loophole,"
• extending permanently the current limitation on certain excess business losses, and
• eliminating like-kind exchange tax treatment for real estate gains greater than $500,000.

President Biden's plan also calls for a significant increase in IRS tax enforcement efforts "to make the wealthy pay what they owe."

If you are interested in the above, please join us for this webinar.

The registration will be closed on June 23rd, 2021 (Wednesday) at 5pm. Registration in advance is required and a joining link and passcode will be provided for successful registrants to access the seminar on June 24th, 2021 (Thursday) at 5pm.