Sep 27, 2021
Summary:
Should we be apprehensive about tax changes? Wayne Titus, a member
of Savant Wealth Management, comes on the podcast to break down
some of the shifts in taxes and what to expect. The tax reform act
was passed back in 2017, and brought on many changes in tax
brackets. If Congress doesn’t make any decisions, these brackets
revert back to what they were in 2017. This is a long process which
may not conclude this year—which can also make giving financial
advice more complicated.
Highlights:
-Wayne recently joined Savant Wealth
-Should we be worried about tax changes? The tax reform act was
passed back in 2017 and brought on a number of change in tax
brackets. If nothing is done by Congress, those brackets revert
back to what they were in 2017
-Most changes are not going to impact taxpayers (unless you earn
$400k+). Thus, these changes affect businesses more.
-Our tax rate structure is progressive; the number sounds large,
but the blended rate of tax makes it more rational
-Many other states besides California and New York are affected by
some of these tax changes
-This is a long, drawn out process that may not conclude this year.
A lack of solidified dates for changes makes it hard to make
decisions in the financial sector
-Our legislative process is iterative
Useful Links:
Financial Advisor Network
Savant Wealth Management
Wayne B. Titus III