Capital gains taxes

Having had higher income in previous years may prevent a taxpayer from receiving a stimulus payment now, writes Jeffrey Levine.

The administration's proposal for the capital-gains tax rate is in part a throwback to the Reagan years, an expert says.

A version of the administration's plan to close the step-up in basis loophole was floated by President Obama in 2015, but it died in a Republican-controlled Congress.

The new rate, up from the current 37%, would encompass less than 1% of taxpayers, a White House official said.

The administration's plan would eliminate a break that allows heirs to use the market value of assets at the time of a transfer, rather than the actual purchase price.

Residential property owners are the most likely to be impacted by proposed changes in the administration’s American Families Plan.

If passed, the package would end the step-up in basis provision, which will mean significantly larger tax bills for wealthy estates.

If Biden’s proposal is enacted, Nir Kaissar writes many investors will dump their funds to avoid paying a higher tax down the road.

A proposal is expected as early as next week as part of the administration's tax increases to fund social spending in the forthcoming “American Families Plan.”

While qualified contributions won’t necessarily give clients the biggest tax bang for their buck, there are exceptions to the rule, Jeffrey Levine writes.