1/
OK, here's the deal... upon a quick first glance (as in 'reading 645 pages in 15 minutes quick), this does not appear to be "The Big One."

It's a lot of tax stuff, but nothing on step-up changes, cap gains rate changes, a new top ordinary rate, etc.

waysandmeans.house.gov/sites/democrat…
2/

That is likely to follow here, in the near future (as soon as Democrats can come to an agreement, themselves, as to what it should say).

The significant items in here for planners appear to be primarily in "Subtitle H-Social Safety Net"

Included there are...
3/

...(further) extensions/expansions of:
- Child Tax Credit (about 10% of the whole bill text related to the CTC🤯)
- Child and Dependent Care Credit
- EITC

There would also be a:
- Payroll tax credit for wages paid Child Care Workers
- New credit for Caregiver expenses
4/

There's also a bunch of stuff related to the Green New Deal, drug pricing and, believe it or not, traditional infrastructure (e.g., rehabs , sewage, water, buildings, etc.).

That said, this is not the bill text advisors + clients are anxiously awaiting.

Back to Ted Lasso!

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Jeff "The Buckinghammer" Levine, CPA/PFS, CFP®

Jeff

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @CPAPlanner

13 Sep
11/

Sounds good, right? But there's a catch... This change is FANTASTIC for the uber-wealthy.

For the 'merely' affluent taxpayer though? Not so much😕

Specifically, whereas Biden's proposed top rate didn't kick in until AGI exceeded $1 million, the bill would "re-align"...
12/

..the capital gains brackets with the ordinary income tax brackets (make them start at the same $ amounts).

Great for remembering where brackets begin, but...

...it means the top cap gains bracket would start at 'just' $400k for single filers and $450k for joint filers...
13/

So if you're income is $4 million and consists of a lot of capital gains, you have to be feeling pretty good right now.

But if your income is between $400k/$450k and $1 million and you have capital gains, you'd MUCH prefer the Biden plan to this bill (at least for this)
Read 76 tweets
13 Sep
1/💩-ton

(perhaps so many that I should use 2💩emojis😬)

OK, time to get this show on the road!

We now have a draft version of Subtitle I of Dems proposed legislation. And WOW is there a lot to discuss.

You might want to buckle up, b/c this is going to be a bumpy ride...
2/

...The final version of this bill isn't likely to come anywhere near the length of some more recent pieces of legislation, but Subtitle I (pictured below), which has the bulk of the tax changes most planners will be concerned with, still clocks in at over 225 pages... Image
3/

...Add in provisions that expand/enhance the Child Tax Credit + the Child and Dependent Care Credit and there are about 300 pages w/ major planning implications.

In fact, upon quick glance, if enacted, this would have a MUCH bigger impact on planning for some than TCJA! 👀
Read 11 tweets
7 May
1/💩ton

Ok... kids are asleep, I've finished reading the bill, so buckle up!

It's "Go time!"

We're gonna break down HR 2954, better known as "Securing a Strong Retirement Act of 2021."

( And even better known as SECURE Act 2.0!)

Here's the bill text:
waysandmeans.house.gov/sites/democrat…
2/

As always, I want to start with some high-level thoughts...

This one clocked in at 146 pages. While that pales in comparison to recent legislative endeavors (cough, cough... looking at you CAA ) its worth a reminder that this is 100% retirement stuff!
3/

So, there's actually a TON to digest here for planners.🙌

Certainly more than we got from CAA. Maybe even more, in total, than we got from the original SECURE Act (though no one provision will have the impact that the 'death' of the 'stretch' had).😯

Now, do I think this...
Read 56 tweets
1 Mar
1/?

OK, the House passed the American Recovery Plan LATE Friday evening, so let's do this thing...

For starters, here's the bill text: docs.house.gov/billsthisweek/…

At 'just' 592 pages, it's a relatively brisk read compared to the 6k-page Consolidated Appropriations Act December...
2/

...The most important thing to know at this point is this is NOT law yet. And for that matter, there's about a 0% chance this EXACT bill becomes law.

Dems seem resigned to passing this round of stimulus relief w/out bipartisan support (that many had hoped for)...
3/

...To do that, Dems will use the legislative process known as Reconciliation.

2🗝️things to know about Rec:

1) It allows the Senate to pass a bill w/ 'just' a simple majority (vs the 60 votes it normally takes for cloture)

2) It can only contain budget-related provisions...
Read 25 tweets
14 Jan
1/?

Alright, I've got ahold of the 19-page "Fact Sheet" for the Biden "American Rescue Plan." (Thanks @TaxNotes!)

This is prob the best we're going to get for now, so I'm gonna use this to break down some of the proposals of the Plan relevant to tax and financial planning...
2/

The American Rescue Plan would provide additional stimulus checks of $1,400 per eligible person. Together w/ the $600 amounts that were/are being paid via the Appropriations Act in December, it brings the total value of recent payments to $2k/ eligible person.

Notably...
3/

... this is one policy initiative where Biden and Trump share a vision🤷‍♂️

The Plan also calls for expanding the types of people eligible for stimulus checks to include adult dependents (presumably to include many college students and elderly parents)...
Read 18 tweets
8 Jan
1/

Joe Manchin has come out strongly against $2,000 stimulus checks.💸💸💸

A quick thread on what this means ...

With the wins by Warnock and Ossoff earlier this week, and combined with independents who caucus with them, Dems will control 50 of the 100 seats.

And...
2/

in the event of a tie, the VP (who's also the President of the Senate) casts the deciding vote, effectively giving Dems control of the Senate.

Notably, though, Manchin IS a Democrat.

Thus, if Ds lose Manchin and Rs hold party line, they can't pass a bill increasing the...
3/

stimulus checks to $2k/person.

What makes this whole thing really interesting, and somewhat unique - at least lately - it that there are a bunch of R Senators that largely support the $2k stimulus checks (which notably were supported by Pres. Trump).

But those Rs are...
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(