- A 5% surcharge for taxpayers exceeding modified adjusted gross income (MAGI)* of $10 million, $5 million for married individuals filing separately, and $200,000 for a trust
- An additional 3% surcharge for taxpayers exceeding $25 million in modified adjusted gross income, $12.5 million for married individuals filing separately, or $500,000 for a trust
- A 15% minimum tax on the corporate profits that large corporations—those with over $1 billion in profits—report to shareholders
- A 1% surcharge on stock buybacks completed by publicly traded corporations
- Elimination of the ability to convert after-tax savings in a 401(k) or a Traditional IRA to a Roth IRA, starting in 2022
- A prohibition on converting pre-tax IRA and 401(k) plan funds to Roth savings for wealthy taxpayers starting in 2032
- Restriction of contributions to any type of IRA for those with taxable income over $400,000 (single) or $450,000 (joint) and who have a total value of IRA and defined contribution balances over $10 million, starting in 2029
- A modification of the cap on the deduction for state and local taxes known as SALT, the details of which are fluid
Here are the key tax provisions in the developing version of the Build Back Better bill:
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