Tax Policy Update and Year-End Strategies to Consider

<p><strong>In today's episode </strong><a href= "https://www.kathmere.com/team/nicholas-olesen-cfp" target= "_self"><strong>Nicholas Olesen, CFP®, CPWA®</strong></a><strong> recaps the latest on tax proposals, how they could change your taxes and savings strategies,  and what actions you should consider before the end of the year. </strong></p> <p>As you have probably already heard, there are tax increases coming and they are far reaching. A few of the highlights we cover in the show:</p> <ul> <li>Increase the top marginal income tax rate to 39.6% for individuals earning more than $400,000, joint filers above $450,000, and head of household filers above $425,000. This is a HUGE change, as it decreases where the top bracket starts from $600,000 down to $450,000 for joint filers. For those with income over $450,000 you will see a sharp increase.</li> <li>Raise the top long-term capital gains rate from 20% to 25% for those same folks (add in 3.8% NIIT and it’s actually 28.8%)</li> <li>Add a 3% tax on incomes of over $5 million.</li> <li>Add a 3% tax to partnerships and certain businesses, along with removing the QBI deduction. This is another HUGE change for many we serve.</li> </ul> <p>You can find a transcript of today’s show by visiting: <a href= "https://bit.ly/3oVpkdL">https://bit.ly/3oVpkdL</a> </p> <p>We would love to help!  Please reach out for help or send us feedback and any topic or questions you would like us to cover.  <a href="mailto:nolesen@kathmere.com" target= "_blank" rel="noopener">Email us at: nolesen@kathmere.com</a> </p>