Bracing for the Tax Tide: Cody Biggs on Navigating Financial Planning Amidst Global Tax Hikes

As 2023 begins, many investors are considering how to adjust their financial plans to account for higher taxes. With a new presidential administration in the United States and changes to tax laws in other countries, it's important, as per Cody Biggs, for individuals to understand how these changes may affect their finances.

Does Your Financial Plan Account For Higher Taxes? Cody Biggs Answers

According to Cody Biggs, one of the biggest changes in the U.S. is the possible reversal of Trump-era tax cuts, which could result in higher income taxes for some individuals. In addition, President Biden has proposed a number of other tax changes, including higher capital gains and estate taxes, that could impact investors.

It's important for individuals to work with a financial advisor to ensure their financial plan takes these changes into account. This may involve making adjustments to retirement savings strategies, investment allocations, and estate planning.

But it's not just the changes in the U.S. that investors need to consider. Many countries around the world are also looking at ways to increase tax revenues. For example, the UK has recently introduced a new digital services tax, which will impact tech giants like Facebook and Google. Other countries may follow suit, impacting a wide range of businesses and industries.

In addition, many governments are considering ways to address the growing wealth gap. This may include higher tax rates on higher earners or changes to inheritance and gift taxes to prevent the accumulation of intergenerational wealth.

For individuals, this means it's more important than ever to have a comprehensive financial plan that takes potential tax changes into account. Here are some steps individuals can take to ensure their financial plan is up-to-date:

1. Work with a financial advisor: A trusted advisor can help individuals understand how potential tax changes may impact their finances and create a plan to adjust accordingly.

2. Review retirement savings: With potential changes to tax rates, it's important to review retirement savings strategies to ensure individuals are taking advantage of all available tax-advantaged accounts.

3. Revisit investment allocations: Higher taxes on capital gains may make certain investments less attractive. Individuals should review their investment allocations to ensure they are diversified and take into account potential tax changes.

4. Consider estate planning: Possible changes to inheritance and gift taxes mean it's important for individuals to review their estate planning strategies to ensure their wealth is passed down to future generations in the most tax-efficient way.

5. Stay informed: Finally, individuals should stay informed about tax changes both in the U.S. and around the world, says Cody Biggs. This may include reading financial news sources and attending meetings with their financial advisor.

Cody Biggs’s Concluding Thoughts

In conclusion, the potential for higher taxes is a reality that investors must consider as they create and adjust their financial plans. According to Cody Biggs, by working with a financial advisor and staying informed about changes in tax laws, individuals can ensure they are making the most of their finances and preparing for any potential tax changes in the future.

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