The House Ways & Means Committee has released draft legislation of individual tax hikes they propose to pay for the $3.5 trillion social policy budget plan under consideration
are available on the Committee web site. “The window to prepare your plan is quickly closing,” warns Pamela Lucina, Northern Trust Chief Fiduciary Officer. When would these changes take place? In most cases, it would be as of January 1, 2022, for tax year 2022. The capital gains changes would be effective today.
There’s expanding the net investment income tax to capture additional income from passive businesses. Technical changes would limit the use of grantor trusts. GRATs, a popular wealth transfer technique, would lose their appeal. The proposal takes aim at more wealth building strategies, eliminating Roth conversions for IRAs and workplace plans for married couple earning over $450,000 . This provision wouldn’t be effective until after tax year December 31, 2031.
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