JOE BIDEN

Individual Tax Rate:

Taxpayers with taxable income above $400,000,

increase tax rate to 39.6%.

Itemized Deductions:

Cap the tax benefit of itemized deductions at the 28% rate.

Capital Gains/Dividends:

Long-term capital gains (20%) tax increase to 39.6% (top ordinary income rate) for those with incomes greater than $1M.

Tax Credits:

Increase the Child Tax Credit to $8,000 ($16,000 for two or more children).

Education/Student Loans:

Special tax exclusion for student loan forgiveness.

Corporate:

Raise the flat rate of 21% to 28% and reinstate the corporate AMT on profits of more than $100M.

Estate Tax:

Revert back to $5M threshold. Eliminate “stepped up” basis to heirs of decedent.

Qualified Business Income Deduction (20%):

Phase out deduction if earn more than $400,000.

 

Real Estate:

Eliminate 1031 “Like Kind” exchanges.

 

DONALD TRUMP

Individual Tax Rate:

10% tax rate cut for middle-income taxpayers, lowering the rate of 22% to 15%.

Itemized Deductions:

Higher Standard Deductions as part of TCJA stay as is.

Capital Gains/Dividends:

Unclear on specifics, but intends to reduce top capital gains rates.

Tax Credits:

No changes.

Education/Student Loans:

No significant changes; expanding some tax credits for donations to state-sponsored scholarship organizations.

Corporate:

No changes.

Estate Tax:

No changes to date.

 

Qualified Business Income Deduction (20%):

No changes to date.

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Photo of Jason Morton Jason Morton

Jason Morton is a Partner in a small boutique tax law firm, Webb & Morton PLLC, with offices in both North Carolina and Virginia. He maintains the law firm’s very active

Blog, as well as maintaining a Vlog on YouTube. Jason…

Jason Morton is a Partner in a small boutique tax law firm, Webb & Morton PLLC, with offices in both North Carolina and Virginia. He maintains the law firm’s very active

Blog, as well as maintaining a Vlog on YouTube. Jason has published several featured articles with TaxNotes, the NC Bar Association Tax Section, Autism Parenting Magazine, local newspapers and most recently, working with Cointelegraph and Bloomberg Tax. Jason is also an Officer in the Army National Guard, most recently serving an active duty tour from 2016 to 2018. Most importantly, above all else, Jason is proud Autism Dad.