The Biden administration has proposed higher taxes for the nation's highest earners to pay for new legislation. The president advocates returning the top tax rate to 39.6% for individuals earning $452,700 or more, and married couples with more than $509,300 in combined taxable income. (1)
One of the provisions included in the Tax Cuts and Jobs Act of 2017 was the Qualified Business Income (QBI) deduction. It is designed as a tax break for small businesses or self-employed individuals and is comparable to the enhanced tax breaks legislated for larger companies. However, while the corp...
The Tax Cuts and Jobs Act of 2017 reduced federal income tax liability for some, but not all, Americans. Wealthy residents of California, New York and other high-tax states could face a higher tax bill when they file their 2018 return.1
While cutting tax rates on ordinary income, increasing the stand...
