2021 saw inflation up ~7%, prodding the IRS to adjust tax brackets and standard deduction. Read about the changes to taxes in 2022 here.

Yet another tax proposal has been released as the House struggles to reach a compromise amidst Biden's economic agenda. Here are some updates from the newest proposal including: income taxes, capital gains, estate taxes, Roth conversions, and more.

On September 13, 2021, the House Ways and Means Committee released its tax plan. This is from the Committee and must still go before the entire House, and the Senate has yet to develop its own proposal. Still, the current Committee language does much to solidify the Administration’s position on estate taxes and estate planning strategies.

Here's what we know now about 2021 tax changes - how can you optimize now?

The Biden Administration has proposed several tax law adjustments. With a Democratic sweep, we can expect many of these changes to take place. These include potential increased corporate tax rates, lowered estate tax exemptions, elimination of Step-Up in basis, capital gains tax rates, and more. Be watchful of changes and adjust your estate plan and investing goals accordingly. This could be one of the most important planning years ever!