Former Vice President Joe Biden has put forward a variety of tax proposals. Here are some key changes we can expect if he wins the election in November:

• Corporate tax rate increases from 21% to 28%
• Introducing 15% minimum tax on worldwide income per book of $100M or more.
• Phase out 199A Qualified Business Income Deduction for individual with over $400K of taxable income.
• Double the GILTI tax rate from 10.5% to 21%
• Get rid of FDII Deduction
• Get rid of 1031 Like-kind exchange
• Redefine “Independent Contractor” classification.  More contractors will need to be classified as employees.  More burden for employers.
• Increase top rate for individuals to 39.6% from 36%
• Limit itemized deduction to 28% of overall deduction.
• Get rid of preferential tax rates on long term capital gains and qualified dividend for individuals with $1M tax income or more.  It means he is going to increase dividend tax and capital gains tax rate from 20% to 39.6%
• Get rid of social security tax limit for individual with taxable income over $400K
• Repeal Marking to market election
• Tax Dead person’s unrealized capital gains
• Reduce estate tax exemption from $10M to $5M