If you earn over $400,000, Joe Biden's proposed tax plan is bad news for you. Long story short, taxes will go up.
1.Incomes over $400K will now be subject to Social Security tax on the overage. If you're self-employed, that's 12.4% from $400K to infinity; money you'll never get back when you retire. If you make $1 million per year, this could cost you up to $74,400.
2. Deductions will be limited, and they will have a maximum tax rate of 28%.
3. The top tax bracket for individuals will increase back to 39.6%.
4. The tax bracket for corporations will increase to 28%.
5.Capital gains will be taxed as ordinary income.
6. The tax rate on GILTI will be doubled from 10.5% to 21%
We'll be advising our clients on possible ways to get ahead of this if Joe Biden wins. Even if he doesn't, this is a pretty standard agenda for Democrats and will be implemented eventually.
Suffice it to say, anyone earning $400,000 or more NEEDS to have an international diversification strategy that lets them "exit stage left" when the time comes.
Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best".
Work with Andrew: https://nomadcapitalist.com/apply/
Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a more than 20 countries.
He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster.
About Andrew: https://nomadcapitalist.com/about/andrew-henderson/
Our website: https://www.nomadcapitalist.com
Buy Andrew's book: https://amzn.to/2QKQqR0
DISCLAIMER: The information in this podcast should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.