Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
Everybody's probably going to see their tax rate go up a little bit.
And then how that impacts you is going to depend on how you do your standard deductions, whether or not you give to charity, how much is going into your retirement savings.
So the tax cuts did a lot of things.
Everybody had their tax rates lowered, and the standard deduction was also almost doubled, which can help with your income tax and get a bit of a higher rebate there.
It also raised the state tax exemption so that you can have a bigger estate before you reach the threshold of taxes.
So those are going to revert to where they were in 2016, which is higher.
The highest tax bracket right now is 37%.
The reversion would bring it to 39.6%.
So anybody who has larger account balances, wealthier people, but also people at or near retirement who have been saving, those bigger accounts are going to be impacted by tax increase.
Everybody's probably going to see their tax rate go up a little bit.
And then how that impacts you is going to depend on how you do your standard deductions, whether or not you give to charity, how much is going into your retirement savings.
So there is a little bit of an individualized component to it.
The main thing to do is consider what your entire financial picture looks like.
A lot of people don't realize that they are actually worth more than they might intuitively feel like because we've had inflation.
We have higher interest rates.
That means certain accounts are going to be appreciating at a higher rate.
Certain assets are going to be appreciating at a higher rate.
So it's really worth it to take some time and look at what your total is.
net worth slash financial picture is right now.
And then you can start making some decisions about how to optimize that, whether that's through doing charitable donations, gift giving, maybe you're doing a Roth IRA conversion.
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