Yikes! We See Tax Hikes!

Hello my good people.

I don’t want to get too political here…

...but it’s no secret that the new Biden administration has some new taxes coming our way.

Here’s are the spending packages President Biden has proposed:

· American Families Plan—$1.8 Trillion

· American Jobs Plan—$2.3 Trillion

· American Rescue Plan—$1.9 Trillion

These are indeed charitable causes. However, the money has to come from somewhere, right?

Some of the things that may see a change include:

· Increasing corporate income tax

· Elimination of 1031 Exchanges

· Lowering the state tax exclusion

· Increasing the capital gains tax rate

On top of this they're high inflation expectations coming off of the 2021 CPI numbers reaching up to 7%, some of the highest levels in 39 years.

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