We continue our look at the tax plans of the Democratic candidates for President.
While Biden has only vaguely spoken of his desire to"repeal the excesses of the TCJA," when he served as Vice President, his administration repeatedly proposed capping the benefit of itemized deductions at 28%. This would not be unique among Democratic candidates; Bernie Sanders made this part of his formal proposal, as discussed in our previous article.
First, you can operate a business directly, without an S corporation, and say you earn $2 million...all of the income will be subject to self-employment tax; the first $132,900 at 12.4%, and the full $2 million taxed at 2.9%. In addition, we don't know much about Biden's plans for the estate tax exemption, but given his stated desire to rollback the TCJA's benefits on the rich, a return to the pre-reform exemption amount of $3.5 million is likely.The hallmark of the TCJA was the reduction in the corporate rate from 35% to 21%. That's a 40% decrease, which definitely didn't help the narrative that the bill was largely a giveaway to Big Business.
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