In this episode of Success That Lasts, Jared Siegel discusses the recently proposed federal tax changes for 2022.

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Here are a few highlights:

  • “The proposal includes a new top ordinary income tax bracket of 39.6%. This rate would apply to a single filer with taxable income in excess of $400,000 a year or a joint filer with taxable income in excess of $450,000 a year,” Jared shares.
  • “Another notable change to the estate code would be what appears to be a crackdown on the grantor trust planning strategies,” he adds. “It seems as though the intentionally defective grantor trust would no longer be a viable strategy; transfers between grantor and grantor trusts would be treated as a sale. Finally, the proposal includes the elimination of valuation discounts, such as no more discount for lack of marketability and minority ownership.”