Major Tax Changes Are Coming

<p><strong>In today's episode </strong><a href= "https://www.kathmere.com/team/nicholas-olesen-cfp"><strong>Nicholas Olesen, CFP®, CPWA®</strong></a><strong> shares key takeaways and insights from the most recent tax change proposal, the Treasury Department’s “Green Book”. </strong></p> <p>As expected for anyone paying attention to tax policy this year, there are a lot of changes coming in the near future regarding taxes, rates, and estate planning and the Administration just gave a fairly detailed glimpse of what it could look like. A few of the key takeaways covered are:</p> <ul> <li>Many changes are coming for those with taxable income over $400,000</li> <li>Increase in the top marginal tax rate</li> <li>The common 1031 exchange could be repealed, greatly impacting those with investment real estate properties</li> <li>Long-term capital gains rates could double and the new rates could already be in effect</li> <li>S Corporations and Partnerships could lose a valuable tax advantage</li> <li>No longer a step-up in basis for assets at death</li> <li>Gift and death could now be treated as a realization event, causing income to recipient</li> </ul> <p>You can find a transcript of today’s show at: <a href= "https://bit.ly/359RBlJ">https://bit.ly/359RBlJ</a></p> <p>Please send us feedback and any topic or questions you would like us to cover.  <a href= "mailto:nolesen@kathmere.com">Email us at: nolesen@kathmere.com</a> </p> <p> </p>