If the administration is able to pass its economic plans, it would be the first major tax hikes in the United States since 1993. He’s suggested paying long term capital gains on securities this year, before any potential changes to the rules. Some of his clients who are taking a more pessimistic outlook to potential tax changes are looking at Roth IRA conversions, worried that the tax free benefits will no longer be generationally transferable. But Garcia says recent comments from The Federal Reserve and Chair Janet Yellen about the sensitive state of the economy means big tax changes may not be imminent. Jeffrey Fratarcangeli Managing Principal, Fratarcangeli Wealth Management Fratarcangeli Wealth ManagementJeffrey Fratarcangeli, Managing Principal, Fratarcangeli Wealth ManagementBirmingham, MichiganAssets Under Management: $1.8 billionFratarcangeli says that he was relieved there wasn’t a “fire drill” in December in advance of 2021 tax changes, and expects there won’t be a tax hike until 2022.

Source: Forbes March 18, 2021 18:45 UTC