In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
- What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?
- Individual Rates: Trump to lower-middle rates; Biden to increase top-bracket rates
- Corporate Rates: Trump wants 21%; Biden wants 28%
- Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%
- Credits: Biden wants to increase child credits to give families more money
- Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI
- Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up
- Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT
- What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?
- Gain Harvesting
- Roth Conversion
- 100% AGI
- Carryforward NOLs
- Wait on Harvesting Losses
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Tax Cuts and Jobs Act (TCJA)
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