The “American Families Plan” will be debated and finalized in the weeks to come. Here are the key proposed changes: New income tax brackets: New capital gains rates: 8% Net Investment Income Tax (NIIT): Certain high-income S-corporations will be subject to the NIIT, phased in, at thresholds of $400,000 for single filers and $500,000 for joint filers. New surtax: 3% will be added to the top income tax rate for those earning over $5 million, making the true new top rate 42.6% QBI: the maximum allowable Qualified Business Income deduction will be capped between $400,000 and $500,000. Back-door Roth Conversions: …
Post Archive by Month
Below you'll find a list of all posts from September, 2021