The proposal would not apply to those in poverty -- i.e., those with income less than $1 million. Timing capital gains into a year when your income is under that amount would also work -- unless and until they lower the level.
Very disturbing. Perhaps a strategy to overcome this would be to hold until this administration is out of office?
We desperately need a major infrastructure bill. Where do you think the money will come from? I sure hope they increase the IRS budget and prioritize wealthy taxpayers for audits and close a lot of tax loopholes, especially the one where corporations use a PO Box in Bermuda as their corporate "headquarters:" to avoid federal income taxes.
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