High Earners and Successful Savers: What Is Your Tax Plan for the Future?

We saw a period of record high government spending during COVID, and this trend could continue. Considering the new administration’s proposals for raising taxes on high-net-worth individuals and the expiration of the Tax Cuts and Jobs Act at the end of 2025, you could potentially be paying more in taxes in the future than you anticipated.

Here’s how your money can be taxed and what you can do to plan for taxes in the future.

How Is Your Money Taxed?

High earners or those who will have a significant amount in tax-deferred retirement accounts and taxable investments should know how their money is taxed, and thus create a tax depending on the individual’s income level.