President Biden has proposed a budget of $7.3 trillion, which includes tax increases primarily targeting higher income taxpayers. The proposed changes include potentially increasing the top federal rate on ordinary income and nearly doubling the long term capital gain tax for those with taxable income over $400,000. The budget proposal also includes the repeal of Section 1031, which allows for like-kind real estate exchanges, and the imposition of a minimum tax on households with a net worth exceeding $100 million, which has been dubbed the "billionaire tax." These proposals, if enacted, could have a significant impact on high income taxpayers and the real estate industry.

#bnbç†èŽą