Biden Proposes 25% Tax on Unrealized Gains, 20% Small Business Tax Hike

President Joe Biden has proposed several significant tax changes that have sparked widespread discussion. These proposals include a 25% tax on unrealized gains for high-net-worth individuals, a reduction in the standard deduction, and new tax increases affecting a broad spectrum of Americans, including a 20% increase in small business tax rates. Additionally, Biden's plan would force more families to pay the alternative minimum tax and the estate tax, breaking his previous pledge that tax increases would only affect earners making over $400,000. Biden emphasized these changes would be implemented if he is reelected, contrasting his policies with those of Donald Trump.