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Biden plan may reshape taxes with new top rate and limits
Financial planners outline year end moves if Biden administrations tax proposal becomes law. Key items include raising the top ordinary income tax rate to 39.6 percent and lower thresholds, Roth conversions in 2021, bunching deductions, capital gains tax timing, restricted Roth conversions after 2031, backdoor Roth prohibitions in 2022, and a reduced estate tax exemption moving toward 2022 and 2032.
MENTIONED IN THIS ARTICLE
Joe Biden
Philip Herzberg
Team Hewins
Herzberg
Jeff Cutter
Cutter Financial Group
Gina Chironis
Clarity Wealth Management
Sen
Bernie Sanders
I Vt
Chironis
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