To the surprise of no one, our current political leadership is currently discussing the first federal income tax increase since 1993. Some of the key talking points are increasing the top marginal tax rate by nearly 3%, from 37% 39.6%, and particularly targeting those with incomes of $400,000 or more. Also on the table are raising the corporate tax rate from 21% to 28%. What hasn’t been explicitly discussed – yet – is the Estate Tax Exemption of $11.7 Million (per person) for 2021, but there are indications that revisiting the exemption amount and corresponding tax rate are on the agenda.
In this episode hosts Will Steih and Josh Null discuss the how these political and tax policy decisions filter down to impact business owners and high income earners along the Gulf Coast. Tune in to learn:
- A brief history of tax law and the origins of tax deferred qualified retirement plans
- How those that itemize deductions may be impacted by the tax increases
- A brief history of the estate tax exemption and some concepts for folks to consider to absorb the impact of a lower threshold
You can find our previous podcast episodes by visiting https://v0y.3de.mytemp.website/podcast . If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://v0y.3de.mytemp.website/, or feel free to call 251-327-2124 or email jnull@gulfcoastfa.com.