ilmscore | Tax The Rich

Tax The Rich

Published: 2021-09-15
Status: Available | Analyzed

Predictions from this Video

Total: 11
Correct: 0
Incorrect: 0
Pending: 11
Unrated: 0
Prediction
Topic
Status
Roth conversions and Mega Backdoor Roth IRA contributions will be disallowed starting January 1st, 2032.
"this new proposal would close the loophole by disallowing Roth conversions after December 31st 2031 and they would also disallow Mega a backdoor Roth IRA contributions regardless of how much money you make"
Backdoor Roth IRA Contributions
Pending
Investments requiring accreditation will no longer be permitted within Roth IRAs.
"if an investment requires you to be accredited in order to participate it's no longer going to be allowed within a Roth IRA"
Investments within IRAs
Pending
Individuals earning over $400,000 per year with IRA accounts exceeding $10 million must withdraw 50% of the amount above $10 million.
"if the total value of your IRA accounts are above 10 million dollars you would be required to withdraw 50 percent of anything above that amount if your income is higher than four hundred thousand dollars a year"
IRA Account Value Limits
Pending
Individuals with IRA accounts exceeding $20 million must establish a distribution plan to reduce the balance to $20 million.
"if the total value of your IRA is more than 20 million dollars you would be required to set up a distribution plan to bring the total back down to 20 million dollars"
IRA Account Value Limits
Pending
The threshold for self-dealing investments within IRAs that are not publicly traded will be reduced to 10%.
"under this new provision that would be adjusted down to 10 percent for Investments that are not tradable on an established Securities Market regardless of whether or not the IRA owner has a direct interest or not"
Self-dealing within IRAs
Pending
The top federal income tax bracket is proposed to increase from 37% to 39.6% for incomes over $523,000.
"there's a proposal to increase the top tax bracket from 37 percent where it is now back to the previous 39.6 for incomes above 523 000 a year"
Top Federal Income Tax Bracket
Pending
The top capital gains tax rate is proposed to increase from 20% to 25% for incomes over $445,000.
"the top capital gains tax rate would be increased from 20 to 25 percent which would likely apply to incomes above 445 000 a year"
Capital Gains Tax Rate
Pending
A 3.8% investment tax on incomes above $1 million would bring the total capital gains tax rate to 28.8%.
"this would also include a 3.8 percent Investments or attacks for incomes above a million dollars a year which would put the total capital gains tax rate at 28.8 percent"
Investment Tax
Pending
Incomes over $5 million per year would face an additional 3% surtax, bringing the total federal tax rate to approximately 42.6%.
"incomes about five million dollars a year would be subject to an additional three percent sir attacks bringing the total top federal tax rate to more like 42.6 percent"
Surtax on High Incomes
Pending
A 2% tax on stock buybacks is proposed.
"a new proposal would charge a two percent tax on stock BuyBacks"
Stock Buyback Tax
Pending
Taco Bell is testing a 30-day subscription service in Arizona.
"Taco Bell is now testing out a new 30-day Taco subscription across Arizona to gauge customer interest"
Taco Bell Subscription Service
Pending