@moneywithkatie: I’m the first person to saddle up her high horse and complain about the way our government spends money, and I’m in full support of accountability and crackdowns on government waste and corruption — but the media does a major disservice to citizens when it covers budget proposals this disingenuously. OTHER MAJOR CHANGES IN THE PROPOSAL THAT IMPACT INDIVIDUALS 👇🏼 - Minimum income tax of 25% on people with at least $100 million in wealth since many of them take advantage of loopholes that allow them to pay little to nothing on their income - Lowering the threshold where you breach the top marginal tax rates from $609,350 to $400,000, and increasing that rate from 37% to 39.6% on any income above $400,000 - Households making over $1 million per year will pay taxes on their capital gains as if it’s wages, rather than getting the preferential 20% rate - Right now, when you die, you can pass down an unlimited amount of capital gains to your heirs, and the cost basis “steps up” — which means if you hold your whole life, that money never gets taxed. They’re trying to close that loophole by making the limit $5 million in stepped-up cost basis for singles and $10 million for married couples, meaning only people receiving inheritances in excess of $5 or $10 million respectively would be impacted - Closes the carried interest exemption that allows people like Steven Schwarzmann to pay 20% in taxes on his $900 million compensation - Restores the expanded child tax credit that halved child poverty in 2021 - Expands the earned income tax credit for low-income people - Extends the middle-class tax cuts from the Tax Cuts and Jobs Act - Makes childcare through kindergarten free or maximum $10/day for families earning less than $200K #money #taxes #economy #us #america

Money with Katie

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Friday 17 May 2024 11:30:00 GMT