解读正在酝酿中的税法改革 - 2021年10月5日北美华人网存档

接近 4 年

楼主 (北美华人网)

不知道有人发过这个没有，转贴一个做金融的人看了议案以后总结的税法改革 https://www.reddit.com/r/financialindependence/comments/pxbf77/breakdown_of_the_potential_ramifications_from_the/
Proposed income tax changes: The plan currently incorporates raising the top tax bracket to 39.6% from 37%, but that is not the only concerning portion of this change. For the first time in a very long time, there will be a "marriage penalty" on this tax bracket. What do I mean by that? Well, individuals earning $400k/yr annually will fall into this tax bracket, and in the past the married number would be close to double that much; however, under the new bill, a married household would only need to make $500k annually to get hit with this bracket, thus heavily penalizing married upper middle class families who earn $250k per spouse. Those individuals, if unmarried, would not be subject to this bracket, but because they are married, they will be penalized for having a spouse that is a high income earner. For those thinking about filing separately, the same $250k threshold still applies individually per person. If you have one disparately large earner, and one who falls under the threshold, you might still gain something, but whether it would be enough to offset the increase on the breadwinner would be debatable at this point. These same changes will also be implemented for small business LLCs, 1099 contractors, and all manner of W2 employees. This will probably impact FI timelines. Long Term Capital Gains on Dividends: The proposed plan would increase LTCG tax on dividends to 25% from 20%. What this means essentially is that anyone planning on utilizing dividends as part of a retirement income strategy will need to accumulate enough money to take into consideration the additional 5% of lost income from taxable accounts. For many, this will likely set back your FI timeline. Caps on business deductions: The proposed plan includes caps on the deductions businesses can claim from losses to only zero the income the business earned. So, even if your business made $250k in 2021, but lost $350k, you can no longer write off the entirety of your losses for the taxable year. You may carry the losses forward to the next year. Essentially this change prevents people from using passthrough entities to offset earned income from other sources than the business that accumulated the losses. Roth/Traditional IRA Changes: The proposed plan looks to implement a cap of $10 mil max that you can hold across all Roth accounts you own. Furthermore, anyone holding more than $10 mil in Roth accounts must liquidate 50% of the overage per year from the account until the total accumulated value is below $10 mil. Additionally, Roth conversions will no longer be allowed for single individuals earning $400k annually, or married households earning $450k annually. Again, here we see a marriage penalty, where 2 individuals earning $225k/ea would be comfortably below the threshold required to be able to do Roth Conversions; however, because they are married, they are now penalized and this is closed off. Married filing separately has same provisions as above with individuals capped at $225k each to be able to convert to Roth. Estates, Trusts, and Ultra High Income: There will be now be an additional 3% surcharge (on top of the existing 3.8%) for any estate or trust totaling $5 mil or more, or income earners who earn more than $5 mil in one fiscal year. This reduces the previous threshold of $11,700,000 to $5,000,000. There is a provision that allows for special exemption for qualified real estate designated as a farm business. Grantor Trusts will now be pulled into an individual's taxable estate and taxed in the included assets if the deceased individual was the owner of the trusts, so you can no longer use Grantor Trusts to pass assets and dodge inheritance/estate taxes. Transfer of Non-Business Assets (NBAs): The proposed changes here would place limitations on using NBAs to trade for equity stakes in other businesses, and will now be taxed as if the individual trading the NBAs for equity were transacting money for the equity stake. There is a provision within this plan that allows a look back period for audits by the IRS. Total Retirement Asset Caps: The proposed plan imposes a limitation on the total number of retirement assets you can own across all Roth/Traditional IRA accounts, and Employer sponsored plans. This limitation is $20 mil total; if the total amount in the accounts exceeds this number, you must withdrawal 100% of the overage from your Roth accounts whether the balance otherwise meets the requirements for the cap of $10 mil or not. Private Placement in Roth: The proposed plan includes a provision that requires that no new private placement investments may be made within a Roth account, and any existing private placements held by Roth accounts must exit the investment within 2 years, regardless of contractual penalties of the agreement. What this is saying is that essentially, even if you are contractually obligated to hold the private placement for 5 years, you must exit within 2, any contractual penalties associated with exiting the investment are the burden of the individual. Accredited Investments in IRA accounts: The proposed plan includes language that revokes IRA status of any IRA account (Roth or Traditional), that holds assets limited to accredited investors. All taxes will be due, in summary, on any applicable income or growth associated with these accounts at the time of revocation. Controlling Interest Investments in IRA accounts: The proposed plan includes changes to the current rule that you may not invest IRA assets into any entity in which you own 50% stake or greater. The limitation is now 10%, and you cannot be an Executive, Officer, Trustee, or member of a Board of Directors for the entity in question. The transition period on this is also 2 years to exit the securities held in the IRA. Reporting of ALL transactions over $600: This proposal includes changes that would change transaction reporting requirements from any cash transaction of $10,000 or more, to any transaction of any kind over $600. Qualified Conservation Passthrough donations: This proposal includes changes to current conservation easement passthrough contributions to limit the charitable contribution possibilities for partnerships. Essentially, this prevents a partnership from donating a significant portion of the land assets their organization controls to conservation as a charitable contribution to offset profits from the business. If you have further questions, I can elaborate more, though this will typically be a very niche change that will have huge implications for those it impacts, but will generally impact very few people. Repeal of requirement for IRA penalties to be approved by management: This means if you call the IRS regarding a tax issue, the individual you are speaking with may now add penalties to your ledger with the IRS without requiring approval from leadership. Changes to Foreign Securities: This proposal would treat all securities owned by American Citizens in foreign markets as if they were domestically owned for purposes of taxation. This basically means foreign investment will be double taxed, by the entity where the securities are held, and by the US. Anyone investing overseas in foreign markets should watch this very closely. FMLA Changes: The proposed bill will eliminate FMLA reimbursement to businesses in 2023 instead of 2025. This will likely eliminate the benefit completely. Provision to remove Caps on taxes on Spirits: The proposed law includes removing the current caps on taxable amounts of imported spirits from Puerto Rico, and the US Virgin Islands. This will effectively increase the cost of liquor imported from these locations, as more tax will be paid. Changes to REITs: Under the proposed law, partnerships, estates, trusts, and corporations who own a portion of a REIT acquired by section 318(a)(3) downward attribution rule may not use section 318(a)(3) downward attribution rule to again pass the ownership to an individual. What all of that means is basically, if you owned a stake in a REIT, and legally passed that ownership to one of those entities, that entity could not pass that ownership along to someone else. However, if one of those entities were to simply buy a stake in a REIT, they could then legally pass that ownership to someone else using the aforementioned provision. There are also included changes to corporate taxes, and other things that will inherently be passed to consumers through prices increases to offset the additional tax burdens on companies.