Wisdom to Wealth: Tuesday, June 22

Published: Jun. 22, 2021 at 5:53 PM EDT
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John Halterman:   Are you wondering what’s the Biden tax proposal going to do for middle class income earners?  And we define that as people making less than four-hundred thousand dollars of household income.  Well, you know, here’s a couple of things.  Number one, it’s going to give you more earned income credit.  Which is a good thing because that means more higher standard deductions.  Number two, it’s going to help when you take care of parents.  It’s going to deduct more money for their care.  Number three, it’s going to allow you to get more credit on a ten thirty-one exchange of your house which means you can tax defer more money.  You know, and another thing that I think is going to be huge is that it’s talking about a twenty-six percent flat tax deductions on retirement plans.  And so, for people making lower income levels in lower tax brackets, it’s going to help them.  And then for people who are making higher, it’s going to give them even more of an incentive to use the Roth IRA.  So, either way, if you have questions, let’s talk.  For more answers, call or visit our website today.

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