Recently proposed federal legislation including President Biden’s American Families Plan and Senator Bernie Sanders’ For the 99.5% Act has prompted questions and confusion among Americans.
Both proposals could bring significant changes to the existing tax and estate laws and you may be wondering how it affects your financial situation. As the legislation name suggests, the federally proposed changes will only affect high net worth individuals and families.
In our recent webinar, we discuss the major items included in the proposed legislation and suggest possible strategies to begin considering if the changes affect you or your estate.
For Washington State residents, the legislature recently passed two tax-related bills, the Washington Cares Fund and Washington’s Capital Gain Tax. You may have received notice from your employer about the new pay-roll tax to fund long-term-care – the new legislation will be enacted in Jan. 2022. But the perplexing opt-in/opt-out window is set to close on Nov. 1, 2021, leaving many residents scrambling to learn more about the upcoming pay-roll tax. If you’d like to learn more about the law and how to opt-out (if you choose to do so), we recommend watching our webinar below.
Please note: This webinar was hosted on June 8th and we expect to see considerable changes to the federally proposed legislation as it makes its way through congress.
For additional resources on the proposed federal legislation, check out the President Biden’s American Families Plan Summary or For the 99.5% Act Summary.