How Will the Current $3.5 Trillion Budget Bill and Potential

Congress is looking to spend an additional $3.5 Trillion this fall. They want to fund it by raising taxes. Please join Jon Linford of Morris Hall and Michal Crabdree of KDI Wealth Management as they talk about the current status of this bill and possible outcomes. They will also discuss ways to prepare or offset these potential changes

-Roth Conversions (Prior to Tax Changes)
-Active Management with Rebalancing and Tax Harvesting
-Income and Business Tax Planning

Here are the highlights of what’s included in the proposed
tax plans:

1) New taxes on people who make over $400,000 and changes in capital gains taxes.
2) Ordinary income tax bracket changes and an increase to the top tax rate!
3) A repeal of the qualified business income deduction for people who make over
$400,000/year.
4) Decreases the Federal Estate and Gift Tax Exemption by roughly 70% to $3.5 million
at death and $1 million in lifetime gifts (currently it’s $11.7 million for a single person,
double for married).
5) Eliminates the step-up in basis tax rules that currently saves heirs an astronomical
amount of money on capital gains in many cases. If this doesn't pass, the estate tax exemption could be lowered, taxing many more estates at 40-45%.
6) Limits retirement plan tax incentives for high income earners to 26% through a
credit.
7) New 28% cap on the value of itemized deductions.