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Who knows. This is a wild card that we won’t know the answer to until it’s signed into law.
Income tax changes, if enacted, are VERY unlikely to be retroactive. LTCG is the only provision Yellen has specifically noted that could be applied retroactively (likely to April 2021). That’s not certain either, though. Also, all of this is *very* much in flux.
I trust politicians as far as I can throw them: read my lips no new taxes, if you like your doctor you can keep them & health insurance will be cheaper and better are just a few of my favs.
No chance it’ll be retroactive. Would open up a whole can of worms. Doesn’t surprise me one bit that the libs want more of your money to blow on worthless programs.
Clinton’s reform was also retroactive. It’s happened and it’s clear the government has the authority to do so.
Whether theres political will for it; probably not.
Rising Star
Getting lots of calls from clients on investments they have already sold saying they want to pay now so they can “lock in the low rate”. Have to keep explaining that’s not how it works lol But many clients seem to be aware of it and a lot of investment people are telling them about it
Yes, it will be a Christmas Eve gift. You’ll have an entire week to sort through all the garbage before clients start calling you.