Are your taxes going up if Biden gets elected? David talks through some of the numbers and examples of how his tax plan could impact you.
(Click the featured times below to jump forward in the episode)
As we get closer and closer to the election, clients continue to ask David what they need to know about the possible tax plan if Biden were to get elected. Most likely, your taxes would change under Biden if he becomes president. But how?
What has Biden said about taxes? How are taxes currently set up, particularly for the extremely wealthy? What kind of tax advantages might be eliminated by Biden if elected?
Is it possible that the tax brackets will change for people who don’t make over $400,000 per year? David breaks down the numbers of where and how people may be moved into a higher tax bracket. What does that look like?
What about the kind of impact his plan could have on inherited money? David explains the stepped up cost basis and gives an example of the difference one tax plan could make over another.
What things can you do to lessen the effect on your heirs and yourself when it comes to your assets and income? Be sure to speak with a financial advisor to make sure you have a plan for your money. Instead of waiting until the end of the year, start considering now what that might mean for you.
Listen to the entire episode (maybe even a few times) or click on the timestamps below to skip ahead to a particular segment.
[0:40] – Will my taxes go up if Biden is elected?
[2:01] – What do people typically fear will happen if Biden is elected?
[5:24] – What will happen to the taxes of people not in the top 2 percent?
[8:00] – David shares a client example of inherited money for a retired couple and their taxes.
[11:03] – What is the stepped up cost basis?
[14:40] – What should you plan for?
“We’ll have about a month where we’ll know if the White House is changed over, so there will be a little bit of a window to make a lot of changes in December.”
– David Dickens