The House Tax Plan

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ThimbleberryU

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Thimbleberry Financial Website and Phone Number:https://thimbleberryfinancial.com/(503) 610-6510The tax plan being debated in the US House of Representatives can have significant impacts on the financial futures and retirements of many Americans.  Today, Amy Walls of Thimbleberry Financial highlights some key areas of the legislation, as of our recording date of October 12th.What are some differences between the House plan and President's Biden's plan?Who stands to be most impacted by these new laws?What are some changes that could impact high earners and high net worth individuals?Tax brackets and capital gainsRoth ConversionsWhat are some changes that could impact everyone?Could Back-Door and Mega Back-Door Roth Conversions go away?Wash Sale Rules extended to cryptocurrencyChild and Dependent Care CreditsWhat isn't in the plan?No elimination of step-up in basisNothing with social securitySALT (State and Local Tax) Deductions