Sep 27, 2021
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.
-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