On September 13th, the House Ways & Means Committee released long anticipated draft legislation which could lead to major tax changes effective January 1, 2022. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, walks you through the key areas of interest so that you can plan ahead with your clients in the event these proposals become law. Bob discusses:
Increases in tax rates over certain thresholds, expansion of the NIIT, a new high-income surcharge, and modifications to 199A
Return of the estate and gift tax exemptions to pre-2017 levels and drastic changes in taxation of grantor trusts
New IRA rules, including mega IRA contribution limits and RMDs, elimination of the backdoor Roth, and more
What this means for clients and the future of planning strategies if the proposals become law
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Article: Ways and Means releases list of tax provisions for budget bill
Legislative text to be incorporated in the budget reconciliation bill known as the “Build America Back Better” Act
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