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Big takeaway for Build Back Better: ‘lack of change’ for wealthy Americans’ taxes

admin by admin
December 9, 2021
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Build Back Better: What The House Version Might Mean For Taxes

inancial advisors and their clients have waited for tax hikes as Congress hammered out provisions for the Build Back Better Act. But the House bill passed in November didn’t include the reforms many expected.

“The biggest takeaway for Build Back Better is the lack of change,” said Jeffrey Levine, a certified financial planner and CPA at Buckingham Wealth Partners in Long Island, New York, speaking at the CNBC Financial Advisor Summit on Wednesday.

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Many wealthy Americans were bracing for higher ordinary income taxes, capital gains levy increases and lawmakers slashing the estate and gift tax exemptions, he said.

“Well, all of that is now out of this bill,” said Levine. “So the big news for many is actually how little might be changing.”

Provisions to watch

Although many taxpayers may have escaped sweeping changes, advisors are watching some provisions, particularly those targeting top-earning clients.

For example, starting next year, high-income S corporation owners may pay a 3.8% surtax on profits, Levine said.

There’s also a 5% levy for individuals with more than $10 million of income per year, and someone making over $25 million pays an extra 3%, for a total of an 8% surtax.

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