Probably and Potentially Quite a Bit - read on
Below are some questions that you should review as Biden's proposed tax plan might have dramatic implications for you and your family.
Do you make pre-tax contributions to traditional retirement accounts (e.g., a 401(k) or IRA)?
Do you hold appreciated assets with a low cost basis (excluding pre-tax assets such as IRAs, most annuities, and other items of income in respect of a decedent)?
Do you earn wages in excess of $400,000?
Does your household income exceed $400,000?
Does your household income exceed $1,000,000?
Does the value of your estate exceed $3.5 million (or $7 million, if you are married)?
Are you a small business owner?
Are you an informal caregiver for an individual in need of long-term care services?
Do you have significant corporate ownership interests?
As always, it's important to talk with a tax professional to ensure you are making the best decision for your own particular situation.
-Paul R. Rossi, CFA