The need for additional government revenue will pressure lawmakers to raise tax rates in the future.
There is one important number for investors to know that can drive tax planning strategies at year-end: their marginal tax bracket.
Under a program created by the Tax Cuts and Jobs Act, investors can receive a tax break on capital gains if they invest those gains in an opportunity zone.
As the federal budget deficit rises, it is likely that investors will see taxes move higher in the future.
With tax deductions limited under tax reform, taxpayers in high-tax states may consider using incomplete non-grantor trusts to plan for state income taxes.