Here’s what a Biden presidency might mean for your taxes

An overhaul of your tax planning could be around the corner if former Vice President Joe Biden wins the 2020 presidential election.

The Democratic presidential contender teamed up with Sen. Bernie Sanders, I-Vt., and the two formed six task forces to release a 110-page policy document earlier this month.

The plan gives Americans a sense of what they can expect if Biden wins the presidential race in November.

“Use taxes as a tool to address extreme concentrations of income and wealth inequality,” the task force wrote in their policy plan.

“A guiding principle across our tax agenda is that the wealthiest Americans can shoulder more of the tax burden, including in particular by making investors pay the same tax rates as workers and bringing an end to expensive and unproductive tax loopholes.”

Democrats would need to retain the House, capture the Senate and take the White House — a trifecta — in order to see those plans to fruition, said Hank Gutman, who is of counsel at Ivins Phillips Barker in Washington, D.C.

Continue reading at CNBC.COM




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