As part of the $3.5 trillion reconciliation bill being considered by Congress, multiple far-reaching tax proposals were recently addressed by the Ways and Means Committee. Though many substantive changes are expected during reconciliation, with the provisions expected to go into effect after December 31, 2021 (excluding the capital gains rate increases), these can have a strong impact on your personal and business taxes. Many of these changes apply to high-income taxpayers, typically defined as having taxable income of $400,000 single or filing separately, $425,000 head of household or $450,000 filing jointly. Here's a quick look at the highlights of the bill.
High-Income Personal Tax Increases
Estate and Gift Tax Changes
Business Tax Changes
Retirement Rules Changes
If you have any questions or are concerned about how these changes will impact your finances, please contact your SVA professional.
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