With Tax Day behind us and election campaigning in full swing, many be wondering how the presidential election could change their taxes when filing next year. Former Vice President Joe Biden announced his intention to get rid of President Trump’s $2 trillion tax cut, which if enacted, would have a direct impact on the finances of businesses and entrepreneurs.
Here are six components of Biden’s plan that business owners should be aware of:
1. Real estate investors will lose tax incentives
Investors could have many incentives taken away under Biden’s proposed tax plan. Much of his $775 billion “caring economy” plan will be financed by taxes on real estate investors with incomes of $400,000 and above.
