Andrea Kushner, left, senior vice president and director of AllianceBernstein, and Bowman Hallagan, right, managing director,of Bernstein Private Wealth Management. (Courtesy Photos)
As a presidential candidate, Joe Biden made it clear he wanted to raise taxes on the well-to-do. Now, he may get his chance. Though Democrats’ majority in Congress is razor-thin and no one can say for sure whether Biden will have the votes, the wealthiest Americans could very conceivably be facing a higher tax bill in the next four years.
Biden’s proposed tax changes would dismantle many aspects of the 2017 Tax Cuts and Jobs Act in an effort to make the tax system more progressive. This could mean higher capital gains, estate and income taxes. While it’s hard to predict exactly which tax hikes he will pursue, or whether the increases would be retroactive to January 2021 or begin in 2022, those making over $400,000 a year should pay attention as the president’s tax policy begins to take shape.
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