2023 Tax Proposal and The Looming Financial Crisis

Could Joe Biden’s new tax proposal impact you and your retirement plan? On today’s episode, we’re breaking down Joe Biden’s proposal of a 20% billionaire tax, the looming financial crisis, and what you can do to protect yourself and your future against rising taxes. The billionaire tax proposal is expected to reduce the deficit over the next decade. However, this is coming after a $3.9 trillion dollar spending bill, meaning the proposed reduction from the billionaire tax would only be a tiny percentage.  

Deficit spending continues to rise but capitalism proves to be the best way to move forward and pay off our national debt. While this proposal is called the “billionaire tax” it would impact anyone with more than 100 million directly. They will pay a minimum of 20% each year on their capital gains. Yet, it’s quite possible average Americans could also feel these effects when it comes to their assets on a granule level. 

Along with rising interest rates this proposal could be alarming for many reasons. Your asset value is probably growing, meaning you’ll likely be subject to paying more taxes. Gains in the stock market have provided for countless retirees, improving their quality of life and protecting longevity in their plans. This proposal could incentivize these investors and threatened many Americans' retirement plans. Therefore, we need to insulate ourselves regardless of what the government does moving forward. Join us today as we discuss these issues and the solutions that can mitigate these possible impacts on your financial future. 

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Links

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