Episode Synopsis "How Biden’s New “American Families Plan” Tax Proposal Can Impact Your Retirement"

After months of anticipation, the Democrats’ tax plan has arrived. The proposed legislation, the “American Families Plan,” is very different than what was expected. Among other measures, the new law would increase the top ordinary income tax bracket from 37% to 39.6% and impose an additional 3% ‘surtax’ on income above $5M. In addition, long-term capital gains rates would rise to 25% and step-up in basis will remain. In addition to that, the legislation proposes several new crackdowns, including new restrictions on “backdoor” and "Mega backdoor Roth IRAs and Roth Conversions. During this episode listen to Mike and Rich go over and discuss the proposed changes and what it could mean to you if you are close to retirement or retiring. 

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