President Obama recently gave his State of the Union address. In the address, he mentions at least two tax proposals which would substantially impact our clients and both involve the taxation of capital gains. Proposals First, the President proposes to move the top capital gains (and dividend) tax rate to 28%. For those with only earned income, like wages and salary, this would have no impact. However, for those with substantial unearned income like dividends or gains on the sale of capital … [Read more...] about Could Capital Gains Taxation Change?
State of the Union
The concept of a “myRA” account was introduced by President Obama in his State of the Union address on January 28, 2014. Clients may hear of this and want to know about it for themselves or their children. What is it? The myRA is a savings plan similar to a Roth IRA. It is designed to allow lower-income workers to have some savings in a tax-preferred savings mechanism. The contributions are contributed after tax and withdrawals of principal are in after tax dollars. The earnings in the plan … [Read more...] about What is a myRA Account?