Tag: tax bill

A US Federal tax 1040 schedule D income tax form

Impact to gains on home sales could be mitigated by updating the exclusion. President Biden has proposed taxing capital gains like ordinary income for those with incomes over $1,000,000.  In addition to paying for his agenda, this proposal will make the federal income tax fairer, by ensuring that the wealthy pay their appropriate share of…

Photo of the US Capitol building with cash in teh background

Lawmakers have many ways to get around their own rules on fiscal discipline. Tax issues are on the front burner this fall in Washington.  In the past, tax reformers have often supported the notion of making any package “revenue neutral” by pairing cuts in tax rates with offsetting reductions in tax preferences to prevent increasing…