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The linked article talks only about tax increases. There are also tax decreases and related items. Here are a couple more proposed changes:
"One benefit for wealthy taxpayers: Biden intends to eliminate the $10,000 cap on state and local tax (SALT) deductions imposed by the TCJA." Baird: What to Expect From a Biden Presidency
An increase not mentioned is the requirement that employees who deferred their payroll taxes last year repay them this year. "President Trump's executive action in August deferred, rather than reduced, tax obligations for employees earning up to $4,000 every two weeks." The silver lining is that the IRS has extended the repayment period from the original four months to twelve months.
Biden also proposes changing the measurement for annual cost-of-living increases to the Consumer Price Index for the Elderly, or CPI-E, which could more closely track the expenses retirees face.
To pay for those higher benefits, Biden would apply Social Security payroll taxes to those making $400,000 and up.
If you're only seeing CNBC's "Key Points" and not the body of the text, you may be running an ad blocker that is blocking the article. I chose this piece to cite because it was more current. I could point to articles from a year ago with similar proposals, but we all know how much campaign rhetoric changes once someone gets into office.
There is still a cap. This year it is $142,800. Income above that cap is not taxed, except that now income in excess of $400,000 is taxed also. Thus a "donut hole".
That hole will close over time as the cap rises due to inflation.
"I could point to articles from a year ago with similar proposals, but we all know how much campaign rhetoric changes once someone gets into office. Well put @msf .
Comments
"One benefit for wealthy taxpayers: Biden intends to eliminate the $10,000 cap on state and local tax (SALT) deductions imposed by the TCJA."
Baird: What to Expect From a Biden Presidency
Not exactly a tax decrease, but on the table is changing the SS COLA calculation from using CPI-W to using CPI-E (elderly).
https://www.cnbc.com/2021/01/23/president-biden-could-make-big-social-security-changes-this-year.html
An increase not mentioned is the requirement that employees who deferred their payroll taxes last year repay them this year. "President Trump's executive action in August deferred, rather than reduced, tax obligations for employees earning up to $4,000 every two weeks." The silver lining is that the IRS has extended the repayment period from the original four months to twelve months.
https://www.cfodive.com/news/irs-postpones-date-when-companies-must-complete-repaying-payroll-taxes-defe/593763/
Stay Safe, Derf
That hole will close over time as the cap rises due to inflation.