A Tax And Financial Planning Opportunity Is Closing
Published Wednesday, June 30, 2021 at: 9:56 AM EDT
From the perspective of a financial professional, the window of opportunity to act before taxes are hiked is about to close. The plan to end the step-up in basis on inheritances is perhaps the most significant change.
Other tax proposals President Biden campaigned on include a sharp reduction in the favorable treatment on profits from investments, a new top tax rate of 39.6%, and an expansion of the 12.4% Social Security tax on tax-filers who earn more than $400,000 in adjusted gross income annually.
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This article was written by a professional financial journalist for Fisher Financial Advisors and is not intended as legal or investment advice.
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