WCI #230: Congress Proposes New Tax Bill Impacting High Earners

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 30 September 2021

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

There are potential big changes coming up as a new tax bill is working its way through Congress. While there are sure to be many changes to the proposed bill before it becomes law we wanted to dive into how this bill will affect the WCI community. One of the biggest impacts is that backdoor Roth IRA and mega backdoor Roth IRA accounts could be gone for good. There are proposed changes to income tax brackets and required minimum deduction rules. We look into these changes and many others that could be coming our way.

Do you know what a smart financial move is? Working on the locum tenens assignment with CompHealth. Now I know what you're thinking. You already have a job, but that's the best part. You can work flexible locum assignments on the side for extra income or you can work locums full-time too. And to top it all off, locums almost always pay more than average. Just head to https://comphealth.com and see what locums can do for you financially.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!

Main Website: https://www.whitecoatinvestor.com
YouTube: https://www.whitecoatinvestor.com/youtube
Student Loan Advice: https://studentloanadvice.com
Facebook: https://www.facebook.com/thewhitecoatinvestor
Twitter: https://twitter.com/WCInvestor
Instagram: https://www.instagram.com/thewhitecoatinvestor
Subreddit: https://www.reddit.com/r/whitecoatinvestor
Online Courses: https://whitecoatinvestor.teachable.com
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

00:00 Introduction
00:46 Deep Dive - Biden's Tax Bill
19:22 WCI Conference 2022
29:51 Your Questions Answered
30:05 $0 PSLF payments until 2023
33:49 Rolling over a Defined Benefit Plan
38:01 Catch-up contributions the year I turn 50 or the year after I turn 50
39:02 Open a solo 401(k) by giving my spouse 50% of my practice
40:50 Companies that will refinance my student loans with less than 2 years of 1099 income
43:35 Financial considerations to think about before giving birth
53:53 Taking money out of a UTMA to pay tithing?
59:07 The best way to handle a 401(a) while transitioning to fellowship
1:05:24 Wrap-Up

Transcript

Click on a timestamp to play from that location

0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	This is White Code Investor Podcast No. 230. What is going on with the tax bill in Congress?
0:24.0	There are a lot of podcasts out there, murder mysteries, breaking news, there's even a podcast about garden gnomes.
0:30.0	But instead you're here learning how to maximize every dollar as a physician.
0:34.0	Smart move. Do you know what else is a smart financial move?
0:37.0	Working on a local attendance assignment with Comp Health.
0:40.0	Now I know what you're thinking. You already have a job.
0:42.0	But that's the best part. You can work flexible local assignments on the side for extra income.
0:47.0	Or you can work low-comes full-time too.
0:49.0	And the top of all off, low-comes almost always pays more than average.
0:53.0	Just head to Comp Health.com and see what low-comes can do for you financially.
0:58.0	Alright, before we get into this too much, I think we need to talk a little bit about what is going on in Washington.
1:05.0	What is going on in Congress?
1:08.0	So we're recording this on September 21st. It'll be published on September 30th.
1:13.0	Now the proposed reforms in Congress were summarized in a document released on September 13th by the staff of the House Joint Committee on Taxation.
1:24.0	So that got reviewed the next day by the House Committee on Ways and Means.
1:28.0	That was on September 14th, one week before we recorded this.
1:32.0	And then was published to the world basically what they're thinking about in Congress.
1:37.0	There's a few things you need to know about this. The first is that they're planning on going through the reconciliation process.
1:43.0	What does that mean? Essentially what that means is that it's filibuster proof when he gets to the Senate.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Dr. Jim Dahle of the White Coat Investor, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Dr. Jim Dahle of the White Coat Investor and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.