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November 2021

What’s Up With The Biden Tax Bill?

  September 13th, the Democrats came out with the new tax plan for 2022. A lot of significant changes that affected a lot of our clients in a number of different ways. As the conversation has evolved, this plan has pretty much completely fallen into disarray. So what's left? What do we need to worry about? The original September 13 plan had a number of provisions: a new higher tax bracket, 25% capital gain, qualified business income rules, a high MAGI surtax, refundable tax credit, backdoor Roth elimination, grantor trust elimination. Now, where are we? There's a certain amount of doubt. I get emails from CPAs almost every day, and it really depends on who you talk to, what was posted, where and what can still be negotiated. But there's three things that definitely appear to be surviving. For those whose modified adjusted gross income is an excess of $10…
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