The American Families Plan - a potential bill introduced to congress - has been making headlines in the financial planning world as there are several changes that could impact many people. As nothing is official yet, we will not dive too deep into the topic.
However, we wanted to let you know the team at GTS Financial is keeping a close eye on these potential changes. A few possible ramifications of the bill are:
However, we wanted to let you know the team at GTS Financial is keeping a close eye on these potential changes. A few possible ramifications of the bill are:
- Elimination of the "back-door" Roth IRA strategy
- Increased tax rates for high-income earners
- Increased child tax and dependant care credits
- Changes to the gift and estate tax exemption amounts