The House Tax Plan
Thimbleberry Financial Website and Phone Number:
The tax plan being debated in the US House of Representatives can have significant impacts on the financial futures and retirements of many Americans. Today, Amy Walls of Thimbleberry Financial highlights some key areas of the legislation, as of our recording date of October 12th.
- What are some differences between the House plan and President's Biden's plan?
- Who stands to be most impacted by these new laws?
- What are some changes that could impact high earners and high net worth individuals?
- Tax brackets and capital gains
- Roth Conversions
- What are some changes that could impact everyone?
- Could Back-Door and Mega Back-Door Roth Conversions go away?
- Wash Sale Rules extended to cryptocurrency
- Child and Dependent Care Credits
- What isn't in the plan?
- No elimination of step-up in basis
- Nothing with social security
- SALT (State and Local Tax) Deductions