“Much of the income of wealthy households doesn’t appear on their annual tax returns, and much of what does appear enjoys special tax breaks or discounted rates,” a report this week by the Center on Budget and Policy Priorities points out. “… These changes would make the tax code more equitable by taxing income from wealth more like income from work.”
So much can change before any legislation is passed and signed into law. But for now, here are answers to questions you might have on how the proposals could affect your retirement planning.
What to know
- What individual tax hikes are being proposed?
- How will the House tax plan affect Roth IRAs?
- With possible tax increases coming, should I fund a Roth IRA?