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re: Futures look like crap
Posted on 9/20/21 at 7:25 am to MSTiger33
Posted on 9/20/21 at 7:25 am to MSTiger33
i am sure this shite is not helping
Provisions in the tax bill include:
Tax Related
The top Individual tax rate would increase from 37% to 39.6%.
There would be an additional 3% “surcharge tax” for those earning more than $5 million.
Increase the top capital gains rate from 20% to 25%. Note: this could be effective for all sales after September 13, 2021, unless there’s a written, binding contract.
Expand the “Net Investment Income” tax.
The unified tax credit for estates (which now stands at $24 million for joint filers) would be reduced to $5 million per individual. The expiration of the current exemption would expire at the end of 2021.
The corporate tax rate will be increased to 26.5%,
Retirement Related
$10 million cap on retirement accounts if your income is above $450,000
The elimination of the Backdoor Roth IRA. If you are above the above-mentioned income limits, you can no longer convert to a Roth IRA. This would go into effect after 12/31/31.
The elimination of the Mega Backdoor Roth strategy. No longer can you contribute after-tax funds into your workplace plan, or convert after-tax contributions to an IRA. This applies to everyone!
You would be prohibited from holding assets that require accredited investor status with IRA funds. For example, you couldn’t use your IRA to invest in private placements.
Extend the statute of limitations from three to six years on IRAs, giving the IRS more time to find asset valuation and prohibited transaction violations.
Reduces the 50% threshold to 10% of controlling interest in an entity to be able to invest your IRA in that entity. If you own 10% of a business, you can no longer invest your IRA in that business.
Provide the IRS with approximately $80 billion to help them with tax enforcement and update information technology.
f biden and every POS that voted for him. you people are economic morons.
Provisions in the tax bill include:
Tax Related
The top Individual tax rate would increase from 37% to 39.6%.
There would be an additional 3% “surcharge tax” for those earning more than $5 million.
Increase the top capital gains rate from 20% to 25%. Note: this could be effective for all sales after September 13, 2021, unless there’s a written, binding contract.
Expand the “Net Investment Income” tax.
The unified tax credit for estates (which now stands at $24 million for joint filers) would be reduced to $5 million per individual. The expiration of the current exemption would expire at the end of 2021.
The corporate tax rate will be increased to 26.5%,
Retirement Related
$10 million cap on retirement accounts if your income is above $450,000
The elimination of the Backdoor Roth IRA. If you are above the above-mentioned income limits, you can no longer convert to a Roth IRA. This would go into effect after 12/31/31.
The elimination of the Mega Backdoor Roth strategy. No longer can you contribute after-tax funds into your workplace plan, or convert after-tax contributions to an IRA. This applies to everyone!
You would be prohibited from holding assets that require accredited investor status with IRA funds. For example, you couldn’t use your IRA to invest in private placements.
Extend the statute of limitations from three to six years on IRAs, giving the IRS more time to find asset valuation and prohibited transaction violations.
Reduces the 50% threshold to 10% of controlling interest in an entity to be able to invest your IRA in that entity. If you own 10% of a business, you can no longer invest your IRA in that business.
Provide the IRS with approximately $80 billion to help them with tax enforcement and update information technology.
f biden and every POS that voted for him. you people are economic morons.
This post was edited on 9/20/21 at 7:29 am
7
Posted on 9/20/21 at 7:34 am to Fat Bastard
question on cap gains change - is this for both short term and long term?
Posted on 9/20/21 at 7:35 am to Fat Bastard
frick me, I have been meaning to do a mega backdoor and have been wanting to sell and build a cash position in my portfolio. Looks like a fricked around to long.
How long until this goes into place if it is passed? Or are these fascist trying to make it retroactive?
How long until this goes into place if it is passed? Or are these fascist trying to make it retroactive?
Posted on 9/20/21 at 7:37 am to Fat Bastard
So how does this affect the Avg Retail Investor? honestly curious?
Posted on 9/20/21 at 7:39 am to Fat Bastard
Capital gains increases won’t affect portfolio allocations until December. Pinning a drawdown on a single variable or narrative is not how it works.
Posted on 9/20/21 at 7:52 am to Fat Bastard
we've known about that for awhile. lol
Posted on 9/20/21 at 8:09 am to Fat Bastard
The tax hikes have been known about for a long time and didn’t phase the market. This market has been waiting for the slightest reason to sell off for a few weeks, but couldn’t really find a catalyst. Evergrande game them the catalyst they have been looking for to accelerate it.
This post was edited on 9/20/21 at 9:34 am
Posted on 9/21/21 at 7:30 pm to Fat Bastard
quote:
biden and every POS that voted for him. you people are economic morons.
But but but…..her ‘tax the rich’ dress was so beautiful and powerful.
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