If you're not super-rich, tax-hike proposals probably won't affect your retirement investing - The Washington Post

nomporkin.blogspot.com

Any mention of a tax hike and people’s blood pressure rises.

Tax revenue runs the government, and as a new budget cycle approaches there’s a lot of discussion about who’s not paying their fair share.

Competing tax proposals from the White House and Congress include increases in individual and capital-gains tax rates — but just for the super-wealthy.

It was 2017 when Congress enacted major tax legislation that gave a huge tax break to corporations but also expanded the standard deduction. Still, many felt the uber-rich weren’t taxed enough.

“Much of the income of wealthy households doesn’t appear on their annual tax returns, and much of what does appear enjoys special tax breaks or discounted rates,” a report this week by the Center on Budget and Policy Priorities points out. “… These changes would make the tax code more equitable by taxing income from wealth more like income from work.”

So much can change before any legislation is passed and signed into law. But for now, here are answers to questions you might have on how the proposals could affect your retirement planning.

What to know

• What individual tax hikes are being proposed?
• How will the House tax plan affect Roth IRAs?
• With possible tax increases coming, should I fund a Roth IRA?

Adblock test (Why?)

Article From & Read More ( If you're not super-rich, tax-hike proposals probably won't affect your retirement investing - The Washington Post )
https://ift.tt/3nzYdUP
Business

Bagikan Berita Ini