President Biden’s Tax Plan Will Affect Everyone

May 26, 2021 | Free Resources

We don’t have all the details, but the odds of taxes going up are very high. Karl Eggerss joined Sharon Ko on CBS to discuss how we might be affected.

TO DISCUSS PRESIDENT BIDEN’S PLAN AND HOW IT MAY IMPACT YOU, JUST CLICK HERE.

Sharon Ko:

President Biden’s Build Back Better plan is made up of all kinds of measures, aimed at improving the country’s infrastructure and inequalities. Tonight, what you can do to prepare. First, expect higher taxes.

Karl Eggerss:

To pay for some of the infrastructure and some of the president’s agenda, we know that part will happen. Think all of us watching this want to work hard and be compensated fairly. And we’re all okay, paying our fair share of taxes. But what is fair? That is the debate going on in Washington.

Sharon Ko:

Financial advisor Karl Eggerss says the changes will most likely be challenging. So, get ahead.

Karl Eggerss:

Potential estate tax and do some planning from that. Some people are going to be affected from an income tax standpoint. Some people are going to be affected because they own their own business. It’s going to make things very complicated for CPAs and estate planning attorneys and financial advisors.

Sharon Ko:

While no one likes paying more to the government, Eggerss says this is what everyone can expect down the line.

Karl Eggerss:

When you do all the stimulus, and we have all this debt and all this money that’s been printed and put out there, it has to be paid for at some point. And that’s a big concern for our viewers. It’s probably going to be in the form of higher taxes across the board, not just for the high income.

Sharon Ko:

To check out some of the specifics of President Biden’s tax proposals, head to Kens5.com/originals for more.

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