President Biden recently released his 2022 budget request. As expected, Biden’s budget calls for an increase in capital gains tax rates, but there was a surprising twist: the budget calls for this tax increase to be implemented retroactively.
President Biden’s budget has many people wondering if Congress is even allowed to retroactively amend the tax code (in a word: yes), and what this would mean for their tax planning strategies. This Forbes article explains what a retroactive tax increase would look like and whether or not it is something you should prepare for.
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