Kamala Harris Tax Proposal Broken Down - August 2024

Complete Wealth Management With Dave Alison

On August 16, 2024, Presidential candidate Kamala Harris released details of her economic and tax plan. Bob Keebler analyzes the estate and gift tax proposals contained in the proposed American Housing and Economic Mobility Act of 2024.
In this video, we will break down the income and estate tax considerations of her proposal.
We will discuss:
➡️ Exempting Tip Income from Taxation
➡️ Expanding Tax Credits for Families
➡️ Housing Tax Incentives
➡️ Clawing Back Deductions
➡️ Corporate Income Tax Rate
➡️ Higher Tax Rates
➡️ Capital Gains Tax Reform
➡️ 32% increase to Medicare Tax for people earning over $400k
➡️ Additional Tax on Retirement Accounts over $10m & earnings over $400k
➡️ Financial Transaction Tax
➡️ Apply wash sale rules to Crypto and digital assets
➡️ Limiting Like-Kind Exchanges to $500k
➡️ Reducing the Estate & Gift Tax Exemption Amount
➡️ Increasing the Estate Tax Rate
➡️ Eliminating the Step Up in Basis for Grantor Trusts
➡️ Reducing the Annual Gift Exclusion to $10,000 with an annual cap of $20,000 per person
➡️ Creating a 10-year life for GRATs and imposing a 10% remainder interest
➡️ Ending Grantor Trusts
➡️ Limiting Discounts on Certain Assets
➡️ Imposing a Surtax on high income trusts and estates of 5% for AGIs over $200k and another 3% for AGIs over $500k
➡️ A minimum 25% tax on total income (inclusive of unrealized capital gains) for taxpayers with wealth greater than $100 million
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章

1. Kamala Harris Tax & Economic Proposal (00:00:00)

2. Income Tax Proposals (00:00:27)

3. Estate & Gift Tax Proposals (00:10:21)

4. Wealth Tax (00:16:31)