White Coat Investor Podcast WCI #230: Congress Proposes New Tax Bill Impacting High Earners
Sep 30, 2021
AI Snips
Chapters
Transcript
Episode notes
Political Control Drives Tax Increases
- Democrats controlling House, Senate, and White House drives a tax bill that raises taxes on higher earners.
- The bill targets those above ~$400k single / $450k married while still affecting many below those thresholds.
Don't Rush Financial Changes For A Bill
- Don't overhaul your financial plan based solely on a bill that isn't law yet.
- Contact your representatives if you want to influence the outcome but wait to make irreversible moves.
Top Bracket Moves Up And Starts Lower
- The bill raises ordinary income rates and lowers the threshold for the top bracket, hitting many more taxpayers.
- The top marginal rate effectively increases and will impact physicians who previously sat in lower top brackets.