May 21, 2021
Our colleagues at Blue Bell Private Wealth Management have put together a summary on Biden’s Infrastructure Plan. With their permission, we are sharing it here. Keep in mind these numbers may change.
The recent tax proposal from the Biden Administration has made headlines as a way to help pay for the near $2.3 Trillion dollar infrastructure plan. While this is still just a proposal and many of the details remain fuzzy, we wanted to provide you with a summary of some of the changes that have been reported.
xxxxxxxxx - The income threshold is currently around $525,000 for individuals and
xxxxxxxxxx $628,000 for joint filers.
xxxxxxxxx - This is believed to be $1 million for joint filers.
xxxxxxxxx - The current wage cap of $137,700 would remain in place but those
xxxxxxxxxx making more than $400,000 would pay additional tax into Social
xxxxxxxxxx Security.
xxxxxxxxx - The current exemption is $11.7 million per individual or $23.4 per couple.
xxxxxxxxx - This would eliminate the current 1031 exchange for those making over
xxxxxxxxxx $400,000.
Keep in mind that this is still all a proposal with the final details still not worked out. We will continue to keep you updated as more details are released and discuss planning opportunities should they arise.
Remember: Please note that our firm will continue to hold virtual client meetings only in order to prioritize and protect the health of our clients.
Sincerely,
Edward J. Kohlhepp, Jr., CFP®, MBA Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA Founder & CEO
Sources: https://taxfoundation.org/joe-biden-tax-plan-2020/ https://rsmus.com/what-we-do/services/tax/federal-tax/president-bidens-tax-plan.html |
|
|
