Read this Periscope for a summary of the tax proposal to see if the changes affect you. Make sure to share this Periscope with your friends and invite them to contact us if they would like to learn more from an independent fiduciary.
Summary of the Proposed Tax Bill in Congress
The House Ways and Means Committee proposed a tax bill last Monday and sent it to the House floor. If it passes, then it goes to the Senate and the President to sign. We have been spending the past week digesting the changes. They are many. This may be the biggest change to the tax code since 1968.1 Most of the changes I write about in this blog post are for individuals who earn more than $400,000 and married couples who earn more than $450,000 in a year.
Back-door Roth Conversions may go away for everyone
Roth conversions may disappear in a decade
Long-term capital gains tax may increase
Income taxes may increase
S corporation taxes may increase
Families with $5 million may pay estate taxes
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