John Merrill’s Post

The clock is ticking on the 2017 Tax Cuts and Jobs Act, and many of its key provisions will expire after 2025. What does this mean for you? 🧐 🔻 Higher Tax Rates 🏠 Lower Standard Deductions 👨👩👧 The Return of Personal Exemptions 💸 Estate and Gift Tax Changes 2024-2025 could be your last chance to lock in today’s tax advantages! Let’s discuss how these changes could impact your finances and strategies to safeguard your wealth. ⏳💼 #TaxPlanning #WealthManagement #EstatePlanning #TCJA #RothConversion #FinancialFuture

📊 Important Tax Update: Potential Changes on the Horizon! ⏳ Unless changes are made to current law, we're nearing the expiration of several provisions from the Tax Cuts and Jobs Act (TCJA) of 2017. Understanding the implications is crucial: - Tax Rates Revert: Lower income tax rates will revert to pre-2018 levels, potentially leading to higher liabilities for many taxpayers. 🚨 - Standard Deduction and Personal Exemption: The nearly doubled standard deduction will decrease, pushing many back to itemizing. However, the return of the personal exemption could benefit families with dependents, offering some relief. 👨👩👧👦 - SALT Cap and Estate Tax Exemption: The uncertain future of the $10,000 cap on state and local tax deductions could impact high-tax state residents. - Personal Exemption Returns: The reinstatement of the personal exemption will benefit families, allowing for tax deductions based on the number of dependents. This could help offset some of the impacts of the reduced standard deduction, particularly for larger households. 👨👩👧👦 - Estate Tax Exemption Reduction: The historically high estate and gift tax exemption of $13.61 million is set to decrease significantly, potentially impacting estate planning for high-net-worth individuals. This reduction could result in more estates being subject to tax, necessitating proactive strategies to mitigate liability. 🏰 With these changes approaching, collaborating with your Wealth Advisor is essential to navigate the evolving tax landscape and optimize your financial strategy. #TaxPlanning #TCJA #WealthManagement #FinancialStrategy

Bumping this excellent piece by my former colleague David Silberman for Open Banker. I am in heated agreed with David that, as far as the Consumer Financial Protection Bureau goes, "there is less to Loper than meets the eye." Since we're already talking about administrative law, it's worth noting that the new administration cannot simply "scrap" final CFPB rules. Under the Administrative Procedure Act, amending or rescinding final rules is itself "agency action" subject to the APA. That means the CFPB must promulgate a new rule to replace the old one; it cannot act arbitrarily or capriciously; and, under SCOTUS precedent, it must consider reliance interests. So what does this mean for the Bureau's rulemaking agenda? --BNPL: this is agency guidance, not a rule; it can be revoked (and I expect it will be). -- EWA: this is agency guidance, not a rule; also, it is not yet final. I would not expect the Director to finalize it now. -- Section 1033: this is a final rule! Given the procedural hurdles and overall support for the rule (despite the BPI lawsuit), I would not expect immediate, major changes. -- Credit card late fees: this is a final rule! But, the current lawsuit provides an easier avenue for the new administration to effectively rescind this rule. -- General Use Digital Payment Apps Supervision: this rule is not yet final. My money is that the Director finalizes it soon, and that risk of repeal under CRA is low.

A quick review on the Francis Scott Key Bridge and FACT Checks- https://lnkd.in/ef89yGn6

See the whole article on https://lnkd.in/dwifbjWU

Learn the stories behind Peace River, a novel of the Civil War, now in search of publisher. Natural Bridge. Thirty-fifth in a series. https://lnkd.in/ehpVMswS

Read the complete May PAULY'S PERSPECTIVE at https://lnkd.in/gT6SChC2

I navigate the seas of the Robert Robeson case, on Spectrum - https://lnkd.in/gMK9sgaa

If you're curious about the recent FHE narrative and want to learn its background, you should watch this recent talk by Craig Gentry

ICYMI: James Engle: Page about James Engle