戴德梁行：拜登政府税收提案对商业房地产的影响（英文版）（4页）.pdf

1、The Biden Administration has put forth two proposalsthe American Jobs Plan (AJP) and the American Family Plan (AFP)as part of its Build Back Better agenda. These proposals call for significant expansions in spending on infrastructure and social programs. In order to pay for this $4.5 trillion plan,

2、the administration has also proposed a rangeof tax increases, mostly targeted at corporations, investors and the most affluent households. The Presidents plan still needs to go through the legislative process and is likely to change from its current form. In thispiece, we evaluate several provisions

3、 that could acutely impact commercial real estate investment including changes to capital gains tax rates, elimination of carried interest, limitations on like-kind exchanges, and an increase in corporate and marginal income tax rates.Capital GainsWhats the proposal?The Biden administrations America

4、n Families Plan proposes raising the long-term capital gains tax from 20% to 39.6% for households reporting income over $1 million (M) and taxing unrealized gains at death. Whats your best guess?28%. Handicapping the politics is never easy, but well try. There are two significant factors that are li

5、kely to shape where the capital gains tax ultimately lands. First, the tax would fall heavily on democratic constituencies in urban, coastal metros, increasing the likelihood of opposition from both moderate democrats and representatives of affluent districts. Given the partys slim and slimmer margi

6、ns in the House and Senate, it seems likely that these two in-party groups would be able to extract concessions. Second, there is considerable debate regarding how much tax revenue raising the capital gains tax would generate. Estimates range from as low as $113 billion (B) to as high as $448B over