Episode 149: What to Know About President Biden’s Tax Proposal

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Today’s Smart Money Question:

Today’s episode is a little different. We’ve started doing recorded webinar workshops on certain topics, and we’re doing a replay on this podcast. Today’s episode is about President Joe Biden’s proposed tax increases.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

On today’s episode we’re talking about President Joe Biden’s proposed tax increases, including the infrastructure act, which is still being debated, and his proposal for the 2022 fiscal budget for the federal government.

This is not a political discussion. It’s looking at the numbers and how the potential changes could affect you.

A lot of the president’s proposal is a wish list, and who knows how much of it is going to go into affect. But you can start to prepare in the event that some of these things become real and become law.

One of the things he’s looking at is raising the top income rate on individuals earning more than $400,000, back up to where it was under Obama. This is extremely important. Another thing that’s huge is removing the step up in basis to your heirs.

Webinar Replay of Biden’s Proposed Tax Increases

If you are still working, consider contributing to a Roth 401k. In our case, 100% of our personal contributions go to the Roth. When that happens, you’re creating a taxable event, which means you’re paying taxes now instead of later. You can also consider doing a multi-year Roth conversion strategy.

You also want to be analyzing the assets you have and decide if you should take advantage of the current capital gain tax rates before they potentially increase.

Listen to the full episode or use the timestamps below to jump to a specific section.

5:59 – How to prepare

7:40 – Current tax code

11:30 – Taxing your assets

16:02 – What can we do?

19:05 – Roth conversions

22:01 – Real estate

23:56 – Tax increases

 

“I really don’t care who’s in office, who’s in control, I really think that there’s going to end up being a need to increase the tax costs.”

-Matt Hausman

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