Under the House legislation, families earning between $350,000 and $500,000 would pay an additional 1% in income tax. The new tax would increase with higher salaries so that families earning more than $1 million would pay an additional 5.4%. (Full USA Today Article)
President Obama hopes to see the reform passed prior to an August recess, which means that in the very near future your ideal, top-dollar clients are going to be seeking tax planning services more than ever before! Tax deferred annuities, tax-free life insurance and other tax efficient vehicles are going to be in HUGE demand for upper income clients. Start planning today to take advantage of this opportunity. If you don’t serve your current and new potential top-dollar clients, someone else reading this will.
Below are some other links/tools that may help and as always, call me for ideas on how to leverage more tax-advantaged strategies in your business.
House Dems to tax rich to pay for health care (AP)
Proposals tax top earners to pay for benefit programs (USA Today)
House Dems’ health bill would tax rich (USA Today)
Matthew J Neuman, Vice President of Marketing