Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life.

#67. If you are in this lucky minority, the Biden Tax Plan will burn you. The Mind Money Spectrum Podcast

In this episode, Aaron and Trishul go through President Biden's tax plan, which could be enacted with a Democrat-controlled Congress. Increasing income, corporate, and long-term capital gains taxes; eliminating the step-up in basis; and reducing estate tax exemptions may seem monumental, but likely, these changes will only affect about 1% of us. Even so, some of Biden's other proposals could lower taxes for the wider population, such as a new retirement account contribution credit, and increased credits for children and dependents. Nothing is set in stone yet, but knowing what may come can still allow you to better prepare for the future.Episode ReferencesMMS #32. These estate planning tips can save you big time.MMS #37. How to get rich and never pay a dollar in taxes.Kitces.com: Biden Tax PlanSlide Deck: Biden Tax PlanIncome Percentile CalculatorNet Worth Percentile CalculatorKitces.com: Marginal Tax RatesMAGISection 1202IRAs Payable to TrustsFidelity: Taxes Post ElectionManaging Concentrated Stock Wealth by Tim KochisHow did the TCJA change business taxes?Why Amazon Pays No Corporate TaxesPodcast DescriptionWelcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.
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