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Proposed 2021 Tax Code Changes

Posted on January 5, 2022 in asset protection,tax planning,taxes

As many of you know, Congress is considering changing or not changing parts of the tax code.  These are some items that are being proposed.

Capital Gains – There would be no increase from 20% to 25% to the long terms capital gains rate.

Corporate Tax Rate – The rate for Corporations will not be increased to the proposed 26.5% but remain at the existing 21%.

Top Individual Tax Rate – The proposed 39.6% has been eliminated and the highest rate would remain at 37%.  Alternative Minimum Taxes (AMT) however, may change and or be increased.

Estate Taxes – The revised bill of lowering the estate exemption tax to $5,000,000.00 per person is dropped and the existing $11,700,000.00 per person lifetime exemption is still available for estate and gift tax purposes.  Please remember however, that a higher estate/gift tax exemption is still scheduled to sunset as of January 1, 2026 to $5,490,000.00.