Rising federal budget deficits combined with the sunset of the Tax Cuts and Jobs Act in 2025 pose planning challenges for taxpayers. The need for additional government revenue will pressure lawmakers to increase taxes. Bill Cass and Chris Hennessey offer an outlook for the trajectory of tax rates and discuss several considerations for tax planning:
- Taxpayers will likely have a limited “window” of low tax rates for the next few years
- Investors may want to take advantage of low capital gains tax rates
- Roth strategies may act as a hedge against future higher taxes
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