Cash Flow Guys Podcast

In this week’s episode I will be discussing some of the major points of Joe Biden’s Tax Plan.   First off, most of the changes apply to those earning over $400k, even if you earn less than 400K you should know about these changes as they may impact your sellers and money partners.   Most of this info came from a YouTube video filmed by Ken McElroy and Ken Freeman (his CPA) which can be found at the following link: https://youtu.be/fsIYaFLYFpY   It's important to note that likely nothing will change in 2021 because of the time it will take to implement the plan and have it works its way through the legal system.   Corporate tax rates are currently 21%, The Biden administration plans to raise them to 28%, check with your CPA to see if this applies to you.   The Biden Administration also plans to increase the Marginal Tax Rate from 37% to 39.6% and add a Social Security tax to those making over $400k.   There is talk of a $15,000 First Time Home Buyer Tax Credit.  We will have to wait to see what requirements th