Show notes
Joe Seifert is a partner, CPA, and the leader of the Homebuilding practice at Delap LLP. For over a decade, Joe has been providing clients with taxing and accounting services in various industries such as construction, assisted living, manufacturing, and retail. He joins Jared Siegel to discuss President Biden’s proposed tax plan and the potential implications for listeners.
Here are a few highlights from their conversation:
- President Biden’s tax proposal may raise as much as $3.3 trillion over the next decade, Jared says. He is expected to raise long-term capital gains tax on wealthy Americans to 43.4% with the inclusion of the Medicare surtax.
- “I think this is an exciting time for us,” Joe remarks, “in terms of looking for new opportunities and structuring things differently. It’s going to create some more tax drag for a number of taxpayers but it definitely brings new opportunities.”
- The estate tax exemption has never been higher than it is today. Biden’s proposal may revert that exemption down to $3.5 million per person. This provides taxpayers with a window to do some estate planning, Joe says.
- Planning can be a great way to deal with the inevitable change that the future promises, Jared advises. Tax and financial plans are strategic scaffolds to navigate your priorities.
Resources
Joe Seifert on LinkedIn
2021 How Might President Biden's Tax Plan Affect Me?