President Biden's 2025 budget proposal would nearly double that capital gains tax rate, eliminate Backdoor Roth IRA, cancel 1031 exchanges, tax unrealized gains, and remove step-up cost basis. What are your thoughts on his 2025 budget proposal?

General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals
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⏰ Table of Contents ⏰
0:00 Biden's 2025 Budget Proposal
1:25 Removing Backdoor Roth IRA
4:23 Raising Capital Gains
7:01 Taxing Unrealized Gains
10:00 Raising Income Tax
11:30 Removing Step-Up Cost Basis
14:53 Eliminating 1031 Exchange

#FIREPsyChat #FinancialIndependence #taxes

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Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary.

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