Joe Seifert is a partner, CPA, and the leader of the home builder industry practice at Delap. For over a decade, Joe has been providing clients with tax and accounting services in various industries such as construction, assisted living, manufacturing, and retail. He joins Jared Siegel on today’s podcast episode to discuss President Biden’s proposed tax plan and the potential implications for listeners.

Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:

Here are a few highlights from their conversation about Biden’s proposed tax plan:

  • President Biden’s tax proposal may raise as much as $3.3 trillion over the next decade, Jared says. He is expected to raise long-term capital gains tax on wealthy Americans to 43.4% with the inclusion of the Medicare surtax.
  • “I think this is an exciting time for us,” Joe remarks, “in terms of looking for new opportunities and structuring things differently. It’s going to create some more tax drag for a number of taxpayers, but it definitely brings new opportunities.”
  • The estate tax exemption has never been higher than it is today. Biden’s proposal may revert that exemption down to $3.5 million per person. This provides taxpayers with a window to do some estate planning, Joe says.
  • Planning can be a great way to deal with the inevitable change that the future promises, Jared advises. Tax and financial plans are strategic scaffolds to navigate your priorities.

Resources

2021 – How Might President Biden’s Tax Plan Affect Me?

2021 – As a High Income Taxpayer, How Might President Biden’s Tax Plan Affect Me?

Our Advisors Can Help

Are you a business owner or high-net-worth individual and do you have questions about President Biden’s proposed tax plan and what it means for you? Are you interested in estate planning, tax planning, or financial planning? Our Delap advisors can help you navigate coming change. Reach out today.

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