The new tax proposal is taking shape, yet we don’t expect to know the final details until later this year. The proposal’s package of tax changes is in the early stages of the legislative process and will likely evolve from there.
The U.S. House Ways and Means Committee voted to approve a proposed package of tax increases to help fund the $3.5 trillion Build Back Better Act. The Senate still needs to approve the proposal, and it will likely change before a final bill is passed.
Outlined below are some of key tax changes in the proposal:
Increase in top individual income tax rate to 39.6%, up from its current rate of 37%, as well as a reduced threshold for the highest income tax bracket to $450,000 for joint returns ($628,300 currently) and…
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Liz Munson joined Capital Advantage as a Service Advisor in May of this year. She is responsible for assisting with financial planning, maintaining accounts, and facilitating the day-to-day servicing of client requests.
- Hometown: I was born and raised in the East Bay and now live in Moraga with my husband and two teenage daughters.
- College: Haas School of Business, University of California, Berkeley. Go Bears!
- Favorite vacation location: My family and I love to travel to warmer climates, our latest destination was Punta Mita, Mexico. I highly recommend it!
- Noun that describes you: Foodie, I love to try new foods and pairings!
- Favorite aspect of working at Capital Advantage: It has to be the people. We are all in different stages of life and our careers which brings diverse and fresh perspectives to our collaborative efforts as a team. We all know how to have fun and work hard. It’s a great balance!