Changes Are Coming
The change that’s coming is certain.
When and how much is uncertain.
It looks like changes for the 2022 tax year are happening.
Congress passed the $1.2 trillion infrastructure bill.
Next up is the Build Back Better $1.75 trillion spending and tax increase plan.
Top capital gain taxes look to be going up to 25%. Add the Net Investment Income Tax (NIIT) tax of 3.8%, and you get to 28.8%. Waiting to sell capital gain assets may cost you!
Increases in the corporate tax from 21% to 26.5%, along with 6% inflation, will causes prices to go up 14%+ next year and beyond. (Buy your goods early!)
They are even talking about raising the time frame to getting long-term capital gain status from one year to five-years. If so, you may be waiting a long time to access your money.
These are just a few of the changes being proposed…
Right now is the time to understand how to save, BEFORE tax increases come.
Do you know what you need to do now?
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Quote:
“I’ll be ready. I’m not sure for what exactly. But maybe that’s what being ready really means.”
– Holly Goldberg Sloan