A look at the evolution of the Build Back Better bill's tax provisions
... [+]The vehicle for these changes, the House version of Biden’s Build Back Better social spending, climate, and tax bill, is now in legislative limbo following . But since some new version is likely to surface early next year, it is instructive to look at the evolution of its tax provisions so far.
Biden himself set the stage for this turn of events during his presidential campaign, when he declared that he would not raise taxes on anyone making $400,000 or less. For context: $400,000 is nowhere close to middle income. Less than 5 percent of households make that much. And $400,000 is roughly six times the That $400,000 rule became a red line that neither Biden nor congressional Democrats have been willing to cross.
He also proposed raising the capital gains tax but only for those making $1 million or more, lowering the estate tax exemption to $3.5 million and taxing at death unrealized capital gains of more than $1 million. That $400,000 rule itself meant that many high-income and wealthy households—at least by the standards of most Americans—were protected from higher taxes. Still, for those making more than $400,000 or those with substantial assets, Biden was proposing hefty tax increases.
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