WCI #230: Congress Proposes New Tax Bill Impacting High Earners
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 30 September 2021
⏱️ 65 minutes
🧾️ 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.
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Transcript
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| 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. |
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