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Just Released: American Families Plan
Yesterday, the White House released The American Families Plan that includes guidance to the new highly expected tax changes.
Fact Sheet Insight: American Families Plan
- Increase of Top Tax Rate from 37% to 39.6%
- Equate Capital Gains Top Tax Rate to 39.6%
- Eliminate the Step-Up Basis for gains in excess over $1 million
- Potential removal of the special Real Estate tax break (Allows Real Estate Investors to defer taxation when they exchange property) for gains higher than $500,000
- Increase W-2 FICA Taxes if you make over $400k
- Extend Tax Credits for the Expanded ACA Premium in the American Rescue Plan
- Extend the Child Tax Credit (CTC) increase in the American Rescue Plan through 2025 and permanently make the CTC fully refundable
- National comprehensive paid family and medical leave program
- Permanent increase of the Tax Credits to support families with child care needs
- Permanent expansion of the Earned Income Tax Credit (EITC) for childless workers
- Universal Preschool for 3 and 4 year olds
- Free Community College for 2 years
- Subsidized tuition for 2 years (applies to certain fields)
There are a lot of important details to unpack here, and determining the best way to plan for these upcoming changes is the key to take advantage of the legislation (including the American Jobs Plan tax changes that were released a few weeks ago).
I’m always online and ready to help if you want to walk through this together:
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End of Year Small Business Checklist
The end of the year is a great time to review your small business financial checklist and make sure that you are ready for the upcoming year.
Santa’s Tax Savings Success Business Model
Today’s business owners are facing serious challenges that allow their business to grow. Learn from Santa’s Tax Savings Success Business.
High Interest Rate on Commercial Loans
Commercial loans are great because you can fund your business; be on the lookout for high interest rates when you apply for a commercial loan.
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2021 Tax Law Proposals Timeline
The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.
Bipartisan Infrastructure Bill
House has agreed to a motion to concur in the amendments made by the Senate to the Bipartisan Infrastructure Bill.
Senate Democrats Float “Billionaires Tax”
A billionaires tax on unrealized appreciation has floated to make up for the billions of dollars in new revenue that would be raised by tax increase.
Build Back Better Act (Draft Released)
Build Back Better Act has been launched includes approximately 1.75 trillion dollars to combat climate change, extend health care and ease child poverty.
Capital Gains, a Retroactive Timeline
With the new tax hikes proposal developed this week in Washington, there are notable changes coming to your capital gains and dividend income taxing.