Ep 65: What to Know About Biden’s Tax Proposals

The Tax Foundation released a detailed analysis of Biden's tax proposals and this week we look at a few of the items that caught Phil's attention. Are there tax changes ahead? Anything different you should do with your plan now? We'll try to help you answer those questions today.

 

Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-65-what-to-know-about-bidens-tax-proposals/ 

 

What we discuss on this show: 

0:20 - Let’s review Biden’s tax proposals.

1:39 - What will the Social Security tax look like?

3:05 - What will change for high earners?

4:08 - What will happen with long-term capital gains?

4:45 - The step-up in basis may be eliminated.

6:39 - Under the new proposal, what added taxes would we have?

10:45 - At what point does the estate tax come into play?

13:24 - What would the first-time homebuyer’s tax credit be?

14:24 - The corporate tax rate would go back.

16:52 - What does it mean to equalize the tax benefits of traditional retirement accounts?

20:33 - Will the SECURE Act face potential revisions?