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Are They Raising Taxes? (Biden's Proposed Tax Plan)

Are They Raising Taxes? (Biden's Proposed Tax Plan)

May 13, 2021

We can't escape taxes. They affect everything we spend and invest. We've created this short video to help clear up confusion surrounding proposed future tax increases.

Remember, a campaign promise isn't an automatic fact. As a general rule, we suggest planning based on current laws, not "what ifs." If you remain educated and work with a trustworthy financial advisor or tax professional, they can help you navigate through any changes in law at the appropriate time.

The current administration's tax proposal could affect individuals in the following ways:

1. Increasing the Federal Income Tax for top earners by 2.6%.

2. Taxing Capital Gains as ordinary income for those who make over one million dollars annually.

3. Replacing the tax deduction for contributing to a 401(k) with a tax credit.

4. Changing social security benefits.

5. Lowering the eligibility for Medicare from 65 years old to 60.

As new information arises, we will keep you informed. Long-term investors can sit tight for now. If you have a high appreciating asset you want to speak with us about, schedule a call with our office!

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