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3 hours ago, caddieman said:

That’s exactly what was said in court. It’s fact. So just because you don’t like it you attack me. You’re pissed at the truth…….good! I too don’t know why you take time to post just too attack someone………..move along.

 

Perhaps you should "move along"....

Sure looks like Pitcher was right on point......that being you would get "indignant" when you are called out for your BS....

 

Try raising your bar here a little......    CL

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2 hours ago, coorslite21 said:

 

Perhaps you should "move along"....

Sure looks like Pitcher was right on point......that being you would get "indignant" when you are called out for your BS....

 

Try raising your bar here a little......    CL

Yep I get indignant when I get attacked. Why because I know from experience nothing will happen. Not going to sit back and take it. You don’t. Why do I have to?
Don’t like my post ignore them like I do to many of yours and Pitchers. It’s easy why don’t you try it!

 

I guess that’s indignant enough for now!

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5 hours ago, caddieman said:

you don’t like it you attack me. You’re pissed at the truth…….good! I too don’t know why you take time to post just too attack someone


I’m not pissed and I’m not attacking you.  I am merely pointing out that I believe you have been wrong on just about every major issue.  I find it very intriguing that you go right to the “I’m pissed and (I’m)attacking you” card.  How insecure are you?  If you can’t handle a little criticism maybe you shouldn’t dish it out so freely.  
 

How about you try to answer the second part of my post without attacking me or blaming Biden’s policy failures on Trump. 

    
 

   
 

 



   


 

 

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2 hours ago, coorslite21 said:

Perhaps you should "move along"....


Or maybe try to discuss things in a less arrogant, I’m right and you’re wrong attitude.  
 

Maybe you should apologize to the board for spewing the Russia Russia Russia and Quid Pro Quo lies that MSNBC and CNN were spewing.  
 

Maybe you should stop calling other member names.  
 

Maybe you should stop telling half truths

 

Maybe you should “move along” or put me on mute like you said you were going to do the last time I called you out for your disrespectful actions.  

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Not debating, this is the article was referring to, couldn't find when I posted. Looks like a lot of increases,  no relief.

https://www.kitces.com/blog/biden-american-families-plan-bill-proposed-increase-tax-capital-gains-retirement-reform/

 

There's a lot more detail to this info but would be pages of read on here. Just picked the headline and not the subsequent full article.

 

Analyzing Biden’s New “American Families Plan” Tax Proposal

SEPTEMBER 15, 2021 01:50 PM 16 Comments CATEGORY: Taxes

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EXECUTIVE SUMMARY

After months of anticipation with a ‘two-track’ process of infrastructure and separate tax legislation, Democrats on the House Ways and Means Committee released their tax proposals on September 13… and the measures are very different from what many expected! The legislation touches on a wide range of tax issues, from increasing the top ordinary income tax bracket to cracking down on popular retirement account strategies and bringing the estate and gift tax exemptions back to pre-2017 levels. Notably, though, the proposals do not include some rumored measures, such as equalizing the top ordinary income and capital gains rates or eliminating the step-up in basis. While the legislation will now be debated in Congress and finalized in the weeks to come, these proposals will create a range of planning opportunities for advisors to consider both in the future… and to take action before the legislation is signed and certain planning windows are closed!

As originally proposed by the Biden administration in its American Families Plan, the bill includes a host of new tax increases on households earning more than $400,000. In addition to restoring the 39.6% top marginal rate (which was reduced to 37% by the 2017 Tax Cut & Jobs Act), the legislation also increases the top capital gains rate to (only) 25%, although it lowers the amount of income needed to get into the top tax bracket (for both ordinary income and capital gains) to only $400,000 (for individuals, or $450,000 for married couples). As a result, the taxpayers who will be most impacted by the new rates are those in the $400,000–$500,000 income range, who will see themselves move from the current 35% bracket to the new 39.6% bracket – as higher earners who were already in the 37% bracket will see ‘only’ a 2.6% increase to 39.6%. Other changes targeting higher earners include a limitation on the Section 199A deduction for Qualified Business Income (QBI), an expansion of the Net Investment Income Tax (NIIT) impacting S Corporation owners, and a 3% surtax for ultra-high earners with over $5 million of income (making the true top tax rate 42.6%).

Another main focus of the bill is reforming retirement plan rules to close perceived “loopholes” commonly used by wealthy individuals. Perhaps most relevant for financial planners and their clients is the bill’s aim to eliminate the ‘backdoor’ Roth strategy, prohibiting Roth conversions of after-tax funds in retirement accounts altogether, as well as prohibiting all Roth conversions for those in the top income tax bracket (but only after a 10-year window, subtly encouraging high-income taxpayers to convert to Roth accounts – and pay taxes – sooner rather than later). Also notable are two new rules for high-income taxpayers with more than $10 million of aggregated retirement account assets: a prohibition on making new IRA contributions, and a new Required Minimum Distribution of 50% of the combined balances above $10 million (and 100% of combined balances above $20M), forcing dollars out of large retirement accounts. However, these forced-distribution rules only kick in for taxpayers in the top tax brackets, meaning those who are able to reduce or shift their income will still be able to contribute and accumulate retirement savings above and beyond the $10 million cap.

The proposed bill also contains significant reforms to estate law, most notably a 50% reduction in the estate and gift tax exemption – while simultaneously increasing the special valuation reduction for real property used in family farms and businesses from $750,000 to $11.7 million. The bill also cracks down on Intentionally Defective Grantor Trusts (IDGTs) by including those trusts’ assets in their grantors’ estates. In addition, any sale between an individual and their own grantor trust will be treated as the equivalent of a third-party sale, and any transfers out of a grantor trust will be considered a taxable gift. Family Limited Partnership discounts would be similarly curtailed as nonbusiness assets – including stocks, bonds, options, Real Estate Investment Trusts (REITs) or mutual funds, and trademarks – would no longer be eligible for valuation discounts (though any remaining bona fide business assets would still be eligible for a minority and marketability discounts as appropriate).

Ultimately, while some of the proposed changes may require large pivots to be made by advisors and clients, it’s worth remembering that this bill is not yet in its final form – there may still be weeks of negotiation before it is passed. That said, advisors should be prepared to act quickly, as many of the major proposals in the legislation are set to go into effect on January 1, 2022, and some will take effect as soon as the legislation is enacted… which may leave just weeks or even days to act if Congress proceeds!

Analyzing Biden’s New “American Families Plan” Tax Proposal

SEPTEMBER 15, 2021 01:50 PM 

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3 hours ago, Pitcher said:

Maybe you should stop calling other member names.  

Show me where I called someone a name that I wasn’t called one first! I’ll wait. You’re the one who jumped in a conversation and felt the need to peal off two very inaccurate things about me! Get your ducks in a row before jump someone!

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2 hours ago, Sage449 said:

Not debating, this is the article was referring to, couldn't find when I posted. Looks like a lot of increases,  no relief.

https://www.kitces.com/blog/biden-american-families-plan-bill-proposed-increase-tax-capital-gains-retirement-reform/

 

There's a lot more detail to this info but would be pages of read on here. Just picked the headline and not the subsequent full article.

 

Analyzing Biden’s New “American Families Plan” Tax Proposal

SEPTEMBER 15, 2021 01:50 PM 16 Comments CATEGORY: Taxes

  •  
  •  
  •  
  •  
  •  
  •  
 

EXECUTIVE SUMMARY

After months of anticipation with a ‘two-track’ process of infrastructure and separate tax legislation, Democrats on the House Ways and Means Committee released their tax proposals on September 13… and the measures are very different from what many expected! The legislation touches on a wide range of tax issues, from increasing the top ordinary income tax bracket to cracking down on popular retirement account strategies and bringing the estate and gift tax exemptions back to pre-2017 levels. Notably, though, the proposals do not include some rumored measures, such as equalizing the top ordinary income and capital gains rates or eliminating the step-up in basis. While the legislation will now be debated in Congress and finalized in the weeks to come, these proposals will create a range of planning opportunities for advisors to consider both in the future… and to take action before the legislation is signed and certain planning windows are closed!

As originally proposed by the Biden administration in its American Families Plan, the bill includes a host of new tax increases on households earning more than $400,000. In addition to restoring the 39.6% top marginal rate (which was reduced to 37% by the 2017 Tax Cut & Jobs Act), the legislation also increases the top capital gains rate to (only) 25%, although it lowers the amount of income needed to get into the top tax bracket (for both ordinary income and capital gains) to only $400,000 (for individuals, or $450,000 for married couples). As a result, the taxpayers who will be most impacted by the new rates are those in the $400,000–$500,000 income range, who will see themselves move from the current 35% bracket to the new 39.6% bracket – as higher earners who were already in the 37% bracket will see ‘only’ a 2.6% increase to 39.6%. Other changes targeting higher earners include a limitation on the Section 199A deduction for Qualified Business Income (QBI), an expansion of the Net Investment Income Tax (NIIT) impacting S Corporation owners, and a 3% surtax for ultra-high earners with over $5 million of income (making the true top tax rate 42.6%).

Another main focus of the bill is reforming retirement plan rules to close perceived “loopholes” commonly used by wealthy individuals. Perhaps most relevant for financial planners and their clients is the bill’s aim to eliminate the ‘backdoor’ Roth strategy, prohibiting Roth conversions of after-tax funds in retirement accounts altogether, as well as prohibiting all Roth conversions for those in the top income tax bracket (but only after a 10-year window, subtly encouraging high-income taxpayers to convert to Roth accounts – and pay taxes – sooner rather than later). Also notable are two new rules for high-income taxpayers with more than $10 million of aggregated retirement account assets: a prohibition on making new IRA contributions, and a new Required Minimum Distribution of 50% of the combined balances above $10 million (and 100% of combined balances above $20M), forcing dollars out of large retirement accounts. However, these forced-distribution rules only kick in for taxpayers in the top tax brackets, meaning those who are able to reduce or shift their income will still be able to contribute and accumulate retirement savings above and beyond the $10 million cap.

The proposed bill also contains significant reforms to estate law, most notably a 50% reduction in the estate and gift tax exemption – while simultaneously increasing the special valuation reduction for real property used in family farms and businesses from $750,000 to $11.7 million. The bill also cracks down on Intentionally Defective Grantor Trusts (IDGTs) by including those trusts’ assets in their grantors’ estates. In addition, any sale between an individual and their own grantor trust will be treated as the equivalent of a third-party sale, and any transfers out of a grantor trust will be considered a taxable gift. Family Limited Partnership discounts would be similarly curtailed as nonbusiness assets – including stocks, bonds, options, Real Estate Investment Trusts (REITs) or mutual funds, and trademarks – would no longer be eligible for valuation discounts (though any remaining bona fide business assets would still be eligible for a minority and marketability discounts as appropriate).

Ultimately, while some of the proposed changes may require large pivots to be made by advisors and clients, it’s worth remembering that this bill is not yet in its final form – there may still be weeks of negotiation before it is passed. That said, advisors should be prepared to act quickly, as many of the major proposals in the legislation are set to go into effect on January 1, 2022, and some will take effect as soon as the legislation is enacted… which may leave just weeks or even days to act if Congress proceeds!

Analyzing Biden’s New “American Families Plan” Tax Proposal

SEPTEMBER 15, 2021 01:50 PM 

That is definitely a mouthful and a lot of information..thanks for finding that explanation. I am always suspect of plans and bills that appear in rather rapid form once an announcement or incident occurs. I am always suspect of government regardless 😳🙂

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1 hour ago, caddieman said:

conversation and felt the need to peal off two very inaccurate things about me! Get your ducks in a row before jump someone!


Maybe I will take the time to do that when you decide to apologize for the lies of the Russia Russia Russia Hoax. 
 

You are out of control caddieman and you’re still not answering any of my questions about Biden.  You are not here to talk politics.  You are here to agitate.   

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On 10/8/2021 at 7:40 PM, Pitcher said:

You have zero credibility as far as I’m concerned.  I don’t know why you even take the time to post.   You peddle trash and get all indignant if we don’t agree with your stupid comments.  


Try to defend open borders, inflation, poor jobs numbers, censorship, senility,Afghanistan, or Socialism.   I have never seen a President of the USA act in such an arrogant, non transparent, and dictatoria


A big thank you to the one who lost his voice.  I truly hope you understand that it’s best to be nice and respectful. 

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