Proposed federal tax law changes impacting wealthy families and individuals may become a reality. While it is unclear the specifics and the exact timing of these changes, the major proposals considered would significantly change the tax planning landscape.
Listen as Mike Vidal, Tax Partner in Cherry Bekaert’s Private Client Services practice and Mike Kirkman, leader of the firm’s Estate Gift and Trust practice discuss the potential impact of proposed tax rate changes to individual taxpayers. These proposed changes were introduced in the American Jobs Plan and further explained in Treasury’s Green Book.
The conversation focuses attention on proposed tax rate increases for high-earning individuals, capital gains, and qualified dividends. In addition, they discuss proposed tax changes on active income from pass-through entities. Vidal and Kirkman wrap up with a few ideas and actions individual taxpayers should consider now.
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