What We Know Today About the Proposed Biden Tax Plan

The Biden tax plan has gotten a lot of attention lately as there are quite a few ambitious proposed changes to the tax laws that could have far reaching impacts for individuals and businesses. While the current plans are in the early stages and it is difficult to predict which proposals may become law, it is nevertheless important to explain the proposed changes, how each may affect individuals and families, and what people can do today before any laws are passed. Brent and Rachel focus in on the proposals to the federal estate and gift tax exemption amounts, capital gains and income tax rates, and the step-up in basis.