Biden's tax plan could see rates up to 62% for wealthy in some states - Business Insider

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

An analysis in September by the University of Pennsylvania's Wharton School of Business' Budget Model concluded that households earning under $400,000 won't see their taxes increase under Biden's proposal.High-income earners in states such as California and New York could be hit the hardest from Joe Biden's tax plan if he wins the race for the White House.

Furthermore, the study concluded that if Democrats win back the Senate, therefore taking majority control in Congress, then the Biden administration will be in position to pass legislation that would remove the $10,000 cap on state and local tax deductions. This would help reduce the tax rates for high-income earners.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A tour inside a 3D-printed home that took one week to build - Business InsiderThis company is building 3-D printed, small homes on existing residential properties to fight back against California's housing shortage. Look inside a unit that was move-in ready in one week.
Source: BusinessInsider - 🏆 729. / 51 Read more »