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Tax Strategies for the Proposed Build Back Better Act

October 13 2021 @ 1:00 pm 2:00 pm CDT

The long-awaited change in tax laws as promised by both the President and Congress last Spring is starting to take shape. Within the latest version of the Build Back Better Act, there are a few tax surprises worth noting for taxpayers who want to be prepared for the cooler tax climate ahead.

Join Mike Cyrs, Senior Director of Wealth Transfer; Chris Plagge, Director of Tax and Business Services; and financial advisor Joel Cundick who will provide further insight as they discuss how these proposed changes may affect your current planning and future opportunities to consider.

  • Changes to Capital Gains Tax Rate: The American Families Plan would have subjected countless heirs and legatees to additional capital gains tax on assets they might receive via gift or inheritance at rates as high as 43.4%. Under the current legislation, the current basis rules are left unchanged, but the highest marginal capital gains tax rate would climb from 20% to 25%.
  • Federal Estate Tax Credit: The bill reduces the Federal Estate Tax Credit equivalent from its current historic high of $11.7 million per person to the much lower pre-Trump era level of $5.85 million per person, with an effective date for those provisions of January 1, 2022.
  • Changes to Individual and Corporate Tax Rates: Under most pending legislation, the top marginal tax bracket will be increased to 39.6% for taxable income over $450,000 (married filing jointly) and $400,000 (single). A corresponding increase is also proposed to the corporate tax rate from its current flat rate of 20% to a graduated rate structure capping out at 26.5%. In addition, the new law proposes to limit IRA contributions and rollovers for high-income earners and provides an additional 3% surcharge tax for high-income individuals, trusts, and estates.

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