Today I’m discussing Biden’s proposed tax plan. Nothing is set in stone, taxes haven’t changed yet, and I don’t think it’s likely that they’ll change this year or in 2022. My goal today isn’t to get political but to talk about the facts from a financial advisor’s point of view. I’m sharing a couple of the proposed tax increases and providing some ideas for how to plan for them.

Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video:

0:15 — Introduction to today’s video

0:30 — Why I don’t believe taxes will change in 2021 or 2022

2:05 — The proposal to change the top ordinary income tax rate from 37% to 39.6%

2:50 — If you can bring income you’ll have in 2022 into 2021, I suggest doing so

4:00 — The proposal to change the capital gains rate on income of $1 million or more from 20% to 39.6%

5:20 — If you have capital gains you can take this year, I suggest doing so

6:00 — Wrapping up today’s topic

I only hit on a couple of the proposed tax law changes, so if you have any questions, concerns, or comments about Biden’s proposed tax plan, give me a call or send an email. I’d be happy to help you.

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