Beyond First Blushes and Gut Reactions: Planning for the coming tax increases

Date: Wednesday, October 27, 2021
Time: 4:00pm - 5:00pm
Location: Via Zoom
Speaker: Mitchell A. Drossman, JD, CPA, Managing Director & National Director of Wealth Planning Strategy, Bank of America Private Bank, and Amy E. Zinser, JD, Senior Vice President, Wealth Strategies Advisor, Bank of America Private Bank

We are pleased to announce that our first evening meeting of the fall season will be held virtually via Zoom on Wednesday, October 27, from 4:00 p.m. to 5:00 p.m. Our guest speakers will be Mitchell A. Drossman, JD, CPA, Managing Director & National Director of Wealth Planning Strategy, Bank of America Private Bank, and Amy E. Zinser, JD, Senior Vice President, Wealth Strategies Advisor, Bank of America Private Bank, on the topic of Beyond First Blushes and Gut Reactions: Planning for the coming tax increases. The presentation will run from 4:00 p.m. to 4:45 p.m., followed by fifteen minutes of networking from 4:45 p.m. to 5:00 p.m.

Off to the races. After numerous campaign promises and Presidential proposals, we now have a detailed legislative tax proposal intended to help fund President Biden’s Build Back Better spending plan. The House Ways and Means Committee approved a draft bill raising $2.1 trillion in new taxes (and about $1.5 trillion in tax cuts). This proposal will go to the House Budget Committee and will become part of the overall $3.5 trillion spending bill. The tax package contains many of the tax provisions advanced by the Biden Administration in the American Jobs Plan and the American Families Plan, but not all.

While the proposal provides a broad base case for tax changes, it is important to note that specific tax proposals could be pared back, eliminated or modified by the time legislation makes it across the finish line. The narrow Democratic majorities in Congress, a lack of Republican support for any tax increases, and divisions within the Democratic Party itself may make for an unpredictable outcome. Among other things, the tax proposal would increase income tax and capital gains tax rates, apply a surtax to all income over $5 Million, and eliminate “back door” Roth contributions. The federal estate tax exemption would be cut roughly in half, beginning in 2022.

Guest Attendees:

Due to the fact that we’ve had to move to all virtual programming, guests are welcome to attend our webinars at no charge. However, our guest policy remains essentially the same: guest attendance by a professional colleague is limited to two virtual events within a two-year period. Eligible guests and professionals that work or live in Fairfield County can apply for EPC-LFC membership by completing a membership application, accessible on our website (www.epclfc.org). Questions regarding membership or the application process can be addressed by Alva Carter-Hasan, our First Vice President, Membership, at 203-930-7129 or alva.carter-hasan@bofa.com.

Please click on the document link below for speaker bios and registration details for members and guests. Note, registration deadline is Monday, October 25th.

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