William D King

William D KingHighlights the Impact of the Proposed Tax Laws on Gift and Estate Planning

Several changes to the Internal Revenue Code as proposed in the plan would directly influence gift, and estate tax planning believes William D King. The various proposals for taxes were released by the House Ways and Means Committee. Aim at raising money to pay for the spending planned by President Biden in the Build Back Better Act. Although the proposals are like to change before it becomes law. It is worth assessing the likely impact on the strategies of estate planning. Take note of the lowering of exemption limit for estate and gift tax, advises William D King The proposed law would drastically reduce the exemption limit for gifts. And estate tax from the existing $10 million equivalents to $11.7 million in 2021. After indexation to $5 million, which would effectively be $6.2 million on January 1, 2022. When the law will come into force. According to the current law, the reduction would happen over the next 5 years. As the target is to lower the exemption to $5 million by January 1, 2026.  The proposal makes… Read More »William D KingHighlights the Impact of the Proposed Tax Laws on Gift and Estate Planning

William D King

William D King Points Out the Tax Provisions in the Budget Reconciliation Bill Related to the BuildBack Better Act

The Biden administration has introduced several tax proposals to mop up funds for new government investments in areas such as education, infrastructure, and family programs to fulfill the plan of Build Back Better says, William D King. This article highlights the broader aspects of the tax proposals, which constitute some significant changes that are to come into effect from January 1, 2022. Changes in Individual Income Taxes explained by William D King Proposals for three new inclusions in Individual Income taxes include imposing a surcharge on MAGI or modified adjusted gross income obtained by adjusting the investment interest expense against gross income says, William D King. The proposed surcharge rate is 5% on MAGI, exceeding $10 million, and also 3% on MAGI over $25 million.  The other proposal is to expand Child Tax Credit (CTC) through 2022 by extending the ARPA or American Rescue Plan Act so that the entire CTC is fully refundable permanently. The third proposal is about temporarily expanding EITC or Earned Income Tax Credit eligibility. Within the ambit of the ARPA, amount, and… Read More »William D King Points Out the Tax Provisions in the Budget Reconciliation Bill Related to the BuildBack Better Act

William D King

William D King on the Vicious Cycle of Physical Inactivity and Struggle of Mental Well-being in the Era of Covid

A major problem in the lives of people currently is an increase in depression and anxiety. With the onset of COVID-19, people have lost their motivation to work for physical activity says, William D King. This has made people go into a vicious cycle of low mental health and increased levels of physical inactivity. The pandemic has increased mental health challenges in people, thus making physical activity quite difficult for people to handle. In this current article, we will throw light on the relation between physical activity and mental health. We will also talk about how these two factors affect each other and, as a result, affect a person’s life. Physical inactivity: A study by William D King Physical activity is an important part of our daily lives as it affects our well-being and somehow sets the course of our day. COVID- 19 has affected the factor of physical activity in different households. As per the data analysis of various reports lower-income households have trouble maintaining their physical activity. Thus, such households are struggling more… Read More »William D King on the Vicious Cycle of Physical Inactivity and Struggle of Mental Well-being in the Era of Covid

William D King

William D King on How COVID-19 Vaccine Potentially Benefits Mental Illness

The COVID-19 pandemic harmed people’s lives and health across the globe. As the social and economic chaos caused by this pandemic is destructive says, William D King. And this pandemic widespread brought an immense increase in psychological distress cases. Challenges faced due to this pandemic may cause strong emotions at times. Thus the direct and immediate impact of this pandemic is the loss of mental healthcare. How pandemic changed the landscape of the society as per William D King Pandemic has affected various aspects of inhabitant’s lives. This comprises their occupation, medical risks, and possibilities to socialize, which affect their psychological health. Besides that, without employment, in this lockdown majority of people are vulnerable. The lack of social protection leads to mental illness concerns and suicidal thoughts. As per some studies, a person’s economic issues affect more on mental health. While in comparison, their health and social issues have fewer adverse effects. Here we concentrate on the direct effects of vaccination on psychological health. By evaluating established graph pattern change over period in mental health… Read More »William D King on How COVID-19 Vaccine Potentially Benefits Mental Illness

William D King

New tax propositions for infrastructure – William D King

William D King says the new president of the US is enthusiastic about revising old policy options and also impacting the economy. He is trying to resize infrastructural packages so that the tax options can increase. On an estimate, trillion dollars might come from these tax changes. The broader agenda of the government includes various tax improvements. The infrastructure of a nation plays a vital role in the overall development of the economy. Whether social, cultural, and political, every aspect of national development is dependent on the infrastructure. Hence, the proper maintenance of this sector is significant. The new infrastructure plan would improve the corporate revenue rate to 28% from 21%. The same will have an impact on the country’s GDP and other sectors. Changes in tax provisions, as analyzed by William D King The Joe Biden government is interested in different parts of the infrastructure proposal. The minimum corporate revenue would be around 15%. It would be profitable for the US government that would now draw more tax from the corporations. The government is… Read More »New tax propositions for infrastructure – William D King

William D King

In what ways can the proposed Tax system modifications affect you – highlights William D King

The possible modifications became evident in the tax system when Joe Biden became the President. But you must be aware that no such proposal has yet passed. Covid has impacted the economy worldwide. Many people got devastated emotionally and financially. William D King, however, the governments of respective nations intend to take measures to overcome the economic downturn. The crisis and turmoil made many Americans lose their jobs. It further affected their lives negatively. You can not imagine the amount of grief surrounding people due to the economic upheaval after Covid. However, people and governments are trying to work together to find a solution to this disorder. No wonder President Biden wishes to recover the US economy sooner. He firmly believes that tax changes can do so. Based on how financially stable you are, these changes in the tax system can substantially influence you. In this article, you will understand the changes in the tax system and how these changes can affect you. How will you get affected by the tax changes, explains William D… Read More »In what ways can the proposed Tax system modifications affect you – highlights William D King