NASHVILLE, Tenn. - Jan. 5, 2021 - Regardless of who you voted for Trump or Biden, the reality is now that Joe Biden will be President of The United States beginning on January 20, 2021; sworn in on the West Front of the United States Capitol Building in Washington, D.C. Therefore, it is incumbent upon every family business owner and corporation to prepare for higher taxes and increased regulations that may follow with the new Biden / Harris administration taking the leadership helm according to Smart-Results.net

Biden Tax Plan Summary ...
President-elect Joe Biden, according to the tax plan he released would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate to 28% and imposing a corporate minimum book tax according to independent Tax Foundation Organization.

Biden's plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.

According to the Tax Foundation's General Equilibrium Model, the Biden tax plan would reduce GDP by 1.62 percent over the long term.

On a conventional basis, the Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average.
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