Join all four members of the Expert Team: Nathan Merrill, Karl Frank CFP, Mike Miller CPA and Jeff Krommendyk. We discuss the recent tax plan and how this may affect regular people, not just the billionaires.

Importantly, the proposal has not yet passed Congress so everything is subject to change. 

We discuss a few of the tax increases and losses for individuals. Some of the lost tax benefits include the after-tax Roth contribution, and subsequent Roth conversion. This way to go tax free is made illegal for all people regardless of income by the American Families tax proposal. Most of the rest of the changes affect individuals who make $400,000 or more or families who make $450,000 or more. Income taxes, long-term capital gains both go up. If you make more than $5 million in a year—even if it is from a one-time transaction like selling your family business, farm or the estate—you could face over a 50% tax burden. We talk about the government’s plan to monitor all transactions over a certain dollar amount. We talk about how small business owners face paying the biggest portion of the taxes. The possible loss of the 199A deduction and a 3.8% surtax for small-business owners are two notable examples. We talk about what a person can do at the end of the year to deal with these possible tax increases!

Expert Network team provides free consultations. Just mention that you listened to the podcast. 

Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
[email protected]
www.goodspeedmerrill.com

Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
[email protected]

Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
[email protected]