{"id":233786,"date":"2021-04-23T03:11:00","date_gmt":"2021-04-23T00:11:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/"},"modified":"2021-04-23T03:11:00","modified_gmt":"2021-04-23T00:11:00","slug":"biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/","title":{"rendered":"#\n  Biden has pledged to tax the rich \u2014 but precisely how will he do that? Experts consider his options"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40dd0976421\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40dd0976421\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#Biden_could_announce_details_on_new_taxes_on_the_wealthy_as_soon_as_next_week_observers_said\" >Biden could announce details on new taxes on the wealthy as soon as next week, observers said.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#Reading_the_taxation_%E2%80%98tea_leaves\" >Reading the taxation \u2018tea leaves\u2019<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#A_new_top_tax_rate\" >A new top tax rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#Revised_estate_taxes\" >Revised estate taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#New_rules_and_rates_for_capital_gains\" >New rules and rates for capital gains<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#State_and_local_tax_deductions\" >State and local tax deductions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#A_beefier_IRS_budget\" >A beefier IRS budget<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-has-pledged-to-tax-the-rich-but-precisely-how-will-he-do-that-experts-consider-his-options-2\/#Andrew_Keshner\" >Andrew Keshner<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Biden has pledged to tax the rich \u2014 but precisely how will he do that? Experts consider his options<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Biden_could_announce_details_on_new_taxes_on_the_wealthy_as_soon_as_next_week_observers_said\"><\/span>\n  Biden could announce details on new taxes on the wealthy as soon as next week, observers said.<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000242156\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       If President Joe Biden\u2019s campaign pledges to tax the rich were the coming attractions, we\u2019re about to arrive at the main event.<\/p>\n<p> After unveiling a $2.3 trillion infrastructure spending proposal powered by corporate tax increases, Biden will soon release his \u201cAmerican Families Plan\u201d to offer programs like free community college and paid family leave. The president is expected to fund the forthcoming plan with tax increases on wealthy households.<\/p>\n<p>The question is precisely <em>which <\/em>tax hikes will he propose? And what can he get through a Congress where Democrats have the barest of majorities \u2014 one where the president cannot afford any \u2018no\u2019 votes?<\/p>\n<div class=\"paywall\">\n       Biden could formally announce the plan as soon as April 28, commentators said. So far, the White House hasn\u2019t provided details. But White House Press Secretary Jen Psaki confirmed Biden would discuss the plan at a scheduled address to Congress next week.<\/p>\n<p>Some specifics are starting to seep out, including a  Bloomberg <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> report Thursday saying Biden will boost the capital gains rate tax to 39.6% for households earning at least $1 million, citing people familiar with the proposal. Coupled with an added 3.8% tax linked to the Affordable Care Act, that\u2019s a potential 43.4% rate.<\/p>\n<p>When asked about the report on the potential capital gains rate hike, Psaki said she did not want to comment ahead of Biden\u2019s decisions.<\/p>\n<p>All the stock market benchmarks began falling on the news, with the Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.94%<\/bg-quote><br \/>\n       sliding 300 points. The Dow ended the trading day down around 322 points, while the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.92%<\/bg-quote><br \/>\n       fell around 38 points and the Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"negative\">-0.94%<\/bg-quote><br \/>\n       dropped 132 points.<\/p>\n<p>As for Biden\u2019s other plans to tax the wealthy, observers said it was possible to make some educated guesses about which tax provisions are under consideration by reviewing Biden\u2019s stances during his run for president, when he said he wouldn\u2019t raise taxes on anyone making less than $400,000. <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Reading_the_taxation_%E2%80%98tea_leaves\"><\/span>Reading the taxation \u2018tea leaves\u2019<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Experts also try reading the taxation \u201ctea leaves\u201d by looking at the people Biden has t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed to serve in his administration.<\/p>\n<p>The rate for the top income tax bracket, new rules for estates and new tax treatment for the investment income of rich people are all likely in the mix, they say.<\/p>\n<p>Some proposals could chart new terrain in the tax code, they note, while others may just quickly undo Trump-era tax rules that are set to elapse at the end of 2025. Either way, some array of increases is coming, they note.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cAt this point, taxes are not getting any lower,\u201d said David Kirk, a tax partner who leads Ernst &amp; Young\u2019s Private Tax Group. \u201cThey are only going to go up from here. The question is how?\u201d<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        \u201cAt this point, taxes are not getting any lower. They are only going to go up from here. The question is how?\u201d<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 David Kirk, a tax partner who leads Ernst &amp; Young\u2019s Private Tax Group<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       The answers matter a lot for the Biden administration as it presses its policy agenda. It also matters for higher-income households as they determine tax planning, investment portfolio strategy and end-of-life matters. <\/p>\n<p> Data on tax minimization strategies and financial planners\u2019 busy schedules show wealthy taxpayers haven\u2019t been waiting.<\/p>\n<p>Here\u2019s a look at some of the specific tax provisions that might be in play, and what\u2019s known and not known yet.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"A_new_top_tax_rate\"><\/span>A new top tax rate<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Candidate Biden didn\u2019t propose a wealth tax, but he did propose putting the top marginal rate at 39.6%. That\u2019s where it was before the 2017 Tax Cuts and Jobs Act lowered the rate to 37% (as well as lowering the rates on four other brackets down the income ladder).<\/p>\n<p>Kirk, formerly an attorney in the Internal Revenue Service\u2019s Office of Chief Counsel, said the potential rate raise was \u201crelatively low hanging fruit\u201d for the administration.<\/p>\n<p>Ed Mills, a Washington D.C. policy analyst at Raymond James, agreed the potential rate hike looked likely. \u201cThe political sales point is, \u2018It\u2019s not necessarily raising those taxes, it\u2019s reverting taxes back to where they were before the Trump tax cuts,&#8217;\u201d he said.<\/p>\n<p>One quirk is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/taxfoundation.org\/2021-tax-brackets\/\" class=\"icon none\">the top rate in 2021 <\/a>applies to individuals making at least $523,601 a year or couples making $628,301 a year. So does Biden shuffle things so households making $400,000 now fall under the top rate instead of the second-highest 35% rate? \u201cThose are all political decisions\u201d still to come, Mills said.<\/p>\n<p>Tweaking the top rate could produce $100 billion in new tax revenue, according to a Tuesday note from Evercore ISI \u2014 the \u00a0investment banking advisory firm calls the change \u201clikely.\u201d<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Revised_estate_taxes\"><\/span>Revised estate taxes<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The Tax Cuts and Jobs Act doubled the threshold where the 40% federal estate taxes kicked in. It previously was $5.49 million per person ($10.98 million for married couple) and this year is $11.58 million per person ($23.16 million for married couples). The number is indexed for inflation. Like the marginal rates, the 2017 law lets the estate tax exemptions expire after 2025.<\/p>\n<p>But Biden may want to quicken the expiration date and, Kirk noted, he\u2019s brought on people who are keenly aware of estate-tax workings.<\/p>\n<p>Lily Batchelder has been nominated as assistant secretary for tax policy in the Treasury Department, he noted. (The White House formally sent her nomination to the Senate last week.) <\/p>\n<p>Batchelder previously taught at New York University\u2019s School of Law, where she estimated that federal estate taxes would rake in $16 billion last year, making for an effective estate tax rate around 2%.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        \u2018Politically, it makes sense because average working Americans don\u2019t have estates to leave to their children.\u2019<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Professor Donald Williamson, executive director of American University\u2019s Kogod Tax Policy Center. about potential estate tax law changes<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       \u201cDespite our founding vision as a land of opportunity, the United States ranks at or near the bottom among high-income countries in economic equality and intergenerational mobility. Our tax code plays a key role,\u201d Batchelder, also an Obama administration official, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hamiltonproject.org\/assets\/files\/Batchelder_LO_FINAL.pdf\" class=\"icon none\">wrote <\/a>last year.<\/p>\n<p> If estate taxes are getting revised, one question is where the exemption level is set and whether the rate stays at 40%.<\/p>\n<p>Some estate tax changes are a \u201cdone deal\u201d in the eyes of Professor Donald Williamson, executive director of American University\u2019s Kogod Tax Policy Center. \u201cPolitically, it makes sense because average working Americans don\u2019t have estates to leave to their children,\u201d he said.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        \u2018Eliminating step-up in basis would require small business owners to pay a new tax when a family business partner dies, and potentially force them to sell their business.\u2019<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Courtney Titus Brooks, senior manager of federal government relations at the National Federation of Independent Business<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       Approximately 4,100 estate-tax returns will be filed for people who died last year, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.taxpolicycenter.org\/briefing-book\/how-many-people-pay-estate-tax\" class=\"icon none\">projections <\/a>from the Urban Institute &amp; Brookings Institution Tax Policy Center. Around 1,900 will be subject to federal estate taxes, the think tank said. To put those figures in context: There were 3.35 million U.S. deaths last year, according to data from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cdc.gov\/mmwr\/volumes\/70\/wr\/mm7014e1.htm\" class=\"icon none\">Centers for Disease Control and Prevention.<\/a><\/p>\n<p> An increase in estate tax also means the \u201cstep up in basis\u201d is on the chopping block, Williamson said. This tax rule says if an heir sells inherited assets, the price appreciation \u2014 and resulting capital gains tax \u2014 starts from the time of inheritance, not when the asset was originally acquired.<\/p>\n<p>If an asset like long-held shares in a blue-chip company keeps growing in value, that\u2019s a major shield against a major capital gains tax liability.<\/p>\n<p>But there can be capital gains implications when businesses are sold or inherited \u2014 and that\u2019s setting up battle lines.<\/p>\n<p>\u201cEliminating step-up in basis would require small business owners to pay a new tax when a family business partner dies, and potentially force them to sell their business just to pay the tax and associated fees,\u201d said Courtney Titus Brooks, senior manager of federal government relations at the National Federation of Independent Business, an advocacy organization for small businesses.<\/p>\n<p>Biden\u2019s forthcoming proposal \u201cmay include\u201d estate tax changes, which could generate $500 billion, and changes to the step-up in basis are \u201cvery likely,\u201d Evercore ISI\u2019s note added.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"New_rules_and_rates_for_capital_gains\"><\/span>New rules and rates for capital gains<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Right now, the capital-gains rate for the richest taxpayers starts at 20%, though the rates may go higher depending on the assets being sold.<\/p>\n<p>Candidate Biden has said he\u2019d raise the capital gains rate to 39.6% for household making at least $1 million so that their investment income is taxed just like their ordinary income.<\/p>\n<p>Income brackets and estate taxes are one thing, but changes to the capital gains rules could be a tougher effort, Kirk said. First off, he wondered, can Biden convince lawmakers to counter a century of tax law \u2014 since the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/clsbluesky.law.columbia.edu\/2017\/06\/26\/the-beginnings-of-the-u-s-capital-gains-tax-preference\/\" class=\"icon none\">1921 Revenue Act<\/a> \u2014 that has taxed long-term capital gains at a lower, preferential rate?<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        \u2018If you choose to adjust capital gains or qualified dividends, what date do you make that effective and how do you prevent a market reaction?\u2019<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Ed Mills, Washington policy analyst for Raymond James<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       Biden also needs to think hard about the rate number, Kirk said, because a rate that\u2019s too high could be a disincentive to realize gains and, therefore, could actually become a revenue loser for the government.<\/p>\n<p> The timing is another question: If rich investors know the clock is ticking on a low capital gains rate, that might cause a selling spree on securities and other appreciating assets. \u201cIf you choose to adjust capital gains or qualified dividends, what date do you make that effective and how do you prevent a market reaction?\u201d Mills said.<\/p>\n<p>The Evercore ISI note said Biden\u2019s plan \u201cprobably includes\u201d this change which, combined with other capital gains changes, would create between $300 billion and $400 billion in tax revenue.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"State_and_local_tax_deductions\"><\/span>State and local tax deductions<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The Tax Cuts and Jobs Act put a $10,000 lid on the deduction for state and local taxes. If a taxpayer itemized their deductions, instead of taking the standard deduction, they previously had no limit on the write-off.<\/p>\n<p>Now, some House Democrats coming from states with high local taxes are urging the Biden administration to take the lid off because, they say, the current situation hurts middle-class families in high-cost areas.<\/p>\n<p>If the unlimited deduction is back in the mix, that could have ultra-upper class implications. 96% of the tax savings from a pulled-back lid would go to the highest 20% of households, according a 2018 Tax Policy Center <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.taxpolicycenter.org\/taxvox\/high-income-households-would-benefit-most-repeal-salt-deduction-cap\" class=\"icon none\">analysis<\/a>.<\/p>\n<p>Talk of a SALT cap repeal is \u201cironic\u201d in the current context, Williamson said. \u201cI think repealing the SALT limit is frankly a benefit to the rich.\u201d<\/p>\n<p>Last week, White House Press Secretary Jen Psaki said the administration would at least hear out the lawmakers. Mills said he didn\u2019t foresee Biden starting out with a repeal but \u201cthere\u2019s a debate and compromise to be had.\u201d<\/p>\n<h6><span class=\"ez-toc-section\" id=\"A_beefier_IRS_budget\"><\/span>A beefier IRS budget<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>There are changes to laws, and then there\u2019s more money to enforce the tax laws already on the books. <\/p>\n<p>The Biden administration wants a $13.2 billion IRS budget this year. That\u2019s a 10.4% increase year-over-year. The extra cash would go to more enforcement staff to counteract slipping audit rates for corporations and high-income earners.<\/p>\n<p>There could be an annual $1 trillion gap between taxes owed and taxes paid, IRS Commissioner Charles Rettig said this month.<\/p>\n<p>If lawmakers balk at tax hikes, Mills said more budget cash for the IRS could provide an alternate route to more tax money.<\/p>\n<p>\u201cThe more they dial up IRS enforcement, the less they have to dial up tax increases,\u201d he said, later adding, \u201cEnforcing existing tax laws versus increasing taxes is the path of least resistance.\u201d<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Andrew Keshner\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Andrew_Keshner\"><\/span>Andrew Keshner<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D3B1EC451059%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Biden has pledged to tax the rich \u2014 but precisely how will he do that? Experts consider his options &#8221; Biden could announce details on new taxes on the wealthy as soon as next week, observers said. If President Joe Biden\u2019s campaign pledges to tax the rich were the coming attractions, we\u2019re about to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":233787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-233786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/233786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=233786"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/233786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/233787"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=233786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=233786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=233786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}