Kudos for discussing the fact that the bracket Income Thresholds get inflation adjusted each year, and that when we return to the 2017 Percentage Brackets, the threshold borders won't be exactly as they stood in 2017. I watch a LOT of financial YT channels and it amazes me that no one else discusses this. Well done!
@OxygenThiefYT
3 ай бұрын
To think we rebelled over a 2% tax rate on tea...
@dtovar2
3 ай бұрын
Thank you for a great video and presentation. Your table was very effective! I'm almost done converting my pre-tax funds in my 401k account. Your arguments and recommendations are valid. Thank you again!
@monicaj3023
3 ай бұрын
FYI~. The bill was signed into law by President Donald Trump on December 22, 2017.
@tr3vorb438
3 ай бұрын
And president Biden has promised to let it sunset if he’s re-elected 😳
@chumbawumba1959
3 ай бұрын
@@tr3vorb438 Yep, because POS Biden is beholden to all of the CA and NY high income elites who want their SALT (State and Local Tax) deductions put back so the rest of us can subsidize their Federal Income Tax bill!!! #Trump2024
@Satjr35031
3 ай бұрын
No he will not let it sunset
@tr3vorb438
3 ай бұрын
@@Satjr35031 a simple search will inform you of Biden's plans to let them sunset.
@user-oy4qp9pq6i
3 ай бұрын
@@tr3vorb438He has promised to increase the capital gains tax to 45%.
@toddmaniatoddmania9844
3 ай бұрын
Congress has their own interests in mind. That’s a starting point.
@junkmail1262
3 ай бұрын
Very informative! Thank you.
@77magicbus
Ай бұрын
You guys have the same conclusion as David Mcknight. Better convert now rather than chance it that rates won't go up. I agree with both of you. I am converting over 900k over the 4 years 2022,2023,2024, 2025. I am glad I started it when I did. Maybe I should have done some earlier , but glad I did what I did.
@EFudd-lu6ji
3 ай бұрын
Really helpful advice - thank you for putting this together 🙂
@Paul-GrnHil
3 ай бұрын
Great video for tax planning. I have been maximizing my Roth conversion since I retired and will through 2025. Another consideration besides the higher rates is that the high standard deduction will get reset and many will have to start itemizing again. If you are mortgage free, and live in a tax free state, you will likely see your taxable income increase due to the lower standard deduction.
@EdNichols-qj4xk
3 ай бұрын
Agreed, this is something that I think will affect the amount of taxes more so than the actual tax rate increase. Most retirees don’t have still a mortgage therefore very little deductions to help reduce taxes.
@larryjones9773
3 ай бұрын
Exemptions will return as well in 2026, which reduce taxable income.
@edwardhousemaniii2732
19 күн бұрын
@larryjones9773 we'll see
@dufrenesguideservice8398
8 күн бұрын
@@larryjones9773 the law expires Dec 2025. Congress will have to pass a new law to continue the current law or it goes back to pre 2017 tax brackets. Congress must act or we get higher taxes.
@larryjones9773
8 күн бұрын
@@dufrenesguideservice8398 Yes, I know. I was just making the point if Congress doesn't act, then Exemptions will return, as well. Exemptions reduce taxes, but overall, taxes will increase.
@dufrenesguideservice8398
8 күн бұрын
Another thing you forgot to mention is that when this law sunsets the standard deduction of $14,600 single, $29,200 married will be cut in half. So retirees will be paying more taxes on their withdrawals and social security.
@thomasstorrs6345
3 ай бұрын
ALL taxes State Federal and local will increase significantly in the years moving forward.
@bradb613
3 ай бұрын
as they should
@dufrenesguideservice8398
8 күн бұрын
@@bradb613congress could just spend as much as they take in and we would not need to raise taxes. But they waste and fund dumb things so they can get re-elected. Both sides are complacent at wasteful spending.
@davidfolts5893
3 ай бұрын
Great content, thanks, Cardinal Advisors!
@jefflloyd394
2 ай бұрын
Like the board instead of a screen, must be getting old. You can create a roll over window between retirement and SS. Taking SS later is best longevity insurance, but also gives bigger window. Nice window after retirement but before IRMA (63) also. I also like a roll over as a hedge against a bear. I will not roll over any this year or probably next as still working, but I will do if the market tanks - move more for less basically. Thanks
@Legendary_UA
3 ай бұрын
Never forget the Vegetable in Chief is coming after your unrealized capital gains as well.
@bradb613
3 ай бұрын
as he should
@steveyarnall
7 күн бұрын
Was the AMT tax mentioned? Not indexed to inflation along with sale of primary home exclusion, etc... what would a 30% flat tax for all corporate (including FICA) & individual do?
@radioactivemike1
3 ай бұрын
Wouldn’t good advisors see this tax law in 2018 and position clients to follow a best course to 2026? Sure see lots of talk about making conversions quickly because the pending change. It’s rare to see tax law extended out years. Thanks for the nice breakdown of what we already knew for more than half a decade.
@whtmmat
3 ай бұрын
You did show HOH. HOH got screwed with the 2017 cut.
@johnd7304
3 ай бұрын
Any reason why you haven’t discussed using life insurance to give to the kids and gifting the qualified money to charity in a non-advised donor fund? Then no one pays tax on the bulk of the money. Pull amounts from QM to pay premium but not more. When RMD time happens use the QCD to gift the excess RMD. I have done this a number of times with my clients.
@KatieLibby1315
3 ай бұрын
It was a calculated long-term tax cut for the rich and a short term tax cut for the rest of us. It is also the main reason our deficit is so high.
@factchecker9358
3 ай бұрын
And lack of compromise in this case aids those who need some excuses to raise taxes across the board. It's easier to do that than whine about the need for broader tax increases on the middle class for national debt.
@danieljustdaniel9550
3 ай бұрын
Taxes let's start working on saving social security also members of congress.
@dufrenesguideservice8398
8 күн бұрын
They won’t deal with SS until the last minute. Nobody wants the credit for the debacle of a bad deal that will become. They will pass something in the middle of the night without time to read it and we will accept it as usual because we are powerless against these elites who care about noone but themselves. Both parties have become a Uniparty and are only concerned about enriching themselves.
@BigBrotherMotown
3 ай бұрын
I don't think it was a "significant tax cut for everybody"....the majority of that CUT went to very wealthy people.
@spatulalegs
3 ай бұрын
as always fuck rich people
@bradb613
3 ай бұрын
exactly!
@RiverRev
3 ай бұрын
It's my money so it isn't "Free"
@SaraGriggs-jl6dp
3 ай бұрын
Can I ask your fee for telephone advice?
@CardinalAdvisors
3 ай бұрын
The first meeting is no charge. After that either $150/hour or $1000 for a financial plan. I prefer ZOOM. To schedule, contact Tomasina or Tanya at 919-535-8261.
@chumbawumba1959
3 ай бұрын
@@CardinalAdvisors That you provided that info transparently and out in the open is fantastic!!! You guys are awesome :)
@danc2014
3 ай бұрын
This may not be just income, it may be your long term investments too. no more discount taxes.
@bradb613
3 ай бұрын
good
@edwardhousemaniii2732
19 күн бұрын
Are you ok😮
@dufrenesguideservice8398
8 күн бұрын
@@bradb613 who pee’d in your cheerios. Mr. Negativity
@joethecomputerguy1
3 ай бұрын
Keep workin' baby! I retired at 52 as they kept wanting more and more. So glad I did. 8 years ago I retired and haven't paid a dollar in income tax. Keep workin'. Folks like me love y'all. Show me more free money! Love love love it!!!!!!!!!!!!
@candicosens8178
3 ай бұрын
New that the money was not free
@jerihillken
3 ай бұрын
Changing rates does not definitely mean a higher tax bill. Many people were hurt by the increase in the std deduction and the elimination of the personal exemption in 2017. While some will see higher taxes if there are no changes in 2026, some people’s tax bill will decline.
@Satjr35031
3 ай бұрын
I beg to differ but that is not correct
@dufrenesguideservice8398
8 күн бұрын
Please explain how some people’s tax bill will decrease when tax brackets are increased and standard deduction is cut in half when this goes into effect. Personal exemption was $2000 per person each household, even if you had 5 kids and a spouse that only $14k in exemptions+ higher tax brackets, the $29,200 married standard deduction is more than the exemptions. Please educate me on how the exemption would be better.
@timbateman6767
3 ай бұрын
Or cut
@generator6946
3 ай бұрын
Some of KZitem stuff is downright funny! So yeah income tax. Oh wait, zero tax on zero income. Until conservatives work hard for minimum wage there is no solution.
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