Once upon a time, the Biden Administration pushed to tax wealthy Americans more on the assets they own (retirement savings, house), rather than just their income.  That idea went nowhere in Congress.  But seven states have now introduced ‘wealth tax bills’ that try to accomplish the same thing.  Isn’t this another example of Congress looking for money and creating ways to tax it?   

Then there’s a major tax event coming in 2026.  And that’s the expiration of the so-called ‘Trump tax cuts’ (the Tax Cuts and Jobs Act passed in 2017).  What do people need to understand about this when it comes to tax planning and what should they consider for the next few years?

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