What’s not included or mentioned in the new 2024 tax plan
With the above providing some specifics, there are significant provisions that are not addressed (some of which expire in 2025). Most of them come from 2018’s Tax Cuts and Jobs Act:
- Reduced individual tax rates
- Limits on the local and state tax deduction
- The increased standard deduction
- Qualified business income deduction for pass-through businesses
While President Biden’s new 2024 tax plan offers insight into where the head of state’s thinking currently is, there will be a lot of debate both publicly and within the Senate and House chambers before anything is finalized.
We’ll continue to watch for the subject and other important changes and offer updates when we learn more.
If you want to eliminate tax rate risk from your retirement picture, here’s a book with plenty of information and tips on the matter.
If you liked our article on the new 2024 tax plan proposed by President Biden, you may also want to read You’re Free! These 5 States Won’t Tax Your Social Security.
