Biden unveiled a budget proposal Friday, June 4, 2021, that called for a 39.6% top capital gains tax rate, to help pay for the American Families Plan. Top earners may pay up to 43.4% on long-term capital gains, including the 3.8% Net Investment Income Tax.
This plan was made to be retroactive in order to make it harder for investors to prepare. It may acutely impact businesses currently in transition.
While many believe this plan has a 50/50 surviving negotiation in Congress, it’s still a good idea to speak with your tax planning advisor and make appropriate tax-planning steps. In most cases, the sale of a business can take between 6 – 9 months and we may not have a clear picture of what will be allowed or disallowed until September. It’s important to stay on top of this issue if you have any large sales that will result in capital gains.
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Charlotte, Sarasota, and Manatee County
At White Sands Tax Solutions we embrace technology and contactless service while focusing on being personable and available for all your tax needs. We are invested in creating a positive relationship with our clients and providing exceptional service in a modern business environment. Give us a call with your tax questions or set up an appointment to address your tax concerns. Spend more time enjoying your life and less on your taxes - call White Sands Tax Solutions Today! (941) 263-1545