Notwithstanding the magnanimity of the Internal Revenue Service in the wake of the coronavirus pandemic and extreme winter storms in some states, reports have the Biden administration putting together a package of new tax increases – the first since 1993 – that’ll raise taxes on many individuals and businesses across the nation. Needless to say, specific provisions on what Biden might be planning are not available, but reports thus far have the corporate tax rate jumping from the current 21% to 28% and the individual tax rate increasing for those earning more than $400,000, although White House press secretary Jen Psaki has intimated that threshold only applies to families. Further, a Biden tax bill is expected to also expand the estate tax and create a higher capital-gains tax rate for individuals earning $1 million annually – a federal “millionaire tax”, if you will. Finally, the administration has floated trial balloons on the idea of paring back tax preferences for so-called pass- through businesses. It’s all speculative until specific legislation is filed, but suffice it to say that there are inevitably new taxes that will be proposed impacting many of our subscribers.