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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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