Taxes Would Soar for Top 1% Under Biden Taxes

If you anticipate making $800K or more this year, you may want to read this. With the upcoming Biden’s tax plan, the top 1% of households that make at least $800,000 may have to pay more than $213K next year while the top 0.1% of households earning at least $3.6 million would pay $1.6 million more on average. A household earning less than $26,000 would see their taxes fall by $600 on average, whilst households earning between $52,000 and $92,000 would pay $300 less on average. Low-income families with children would see a particularly large decline.

Confused and need help in tax planning? Please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.