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The Obama Budget: Will Your Taxes Go Up?

No one likes tax increases. But the new budget proposal from the President could create higher taxes for some taxpayers. Are you one of them?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, discusses some of the provisions of the new Obama budget. Dan notes that while tax rates remain unchanged, new provisions would impose a maximum deduction of 28% for contributions to traditional IRAs and 401(k) plans, even for those in higher tax brackets. The net impact would be to reduce tax benefits for high-income taxpayers, but Dan also points out that past budgets have proposed more sweeping changes that include limiting deductions for charitable contributions, mortgage interest, and other key deductible expenses. Dan concludes that you have to stay aware of proposed changes to be sure whether they'll affect your directly.

Is Uncle Sam about to claim 40% of your hard-earned assets?
Thanks to a 2013 law called the American Taxpayer Relief Act, or ATRA, he can, and will, if you aren't properly prepared.

Fortunately, The Motley Fool recently uncovered an arsenal of little-known loopholes to protect yourself from ATRA and help keep the taxman at bay when he inevitably comes calling. We reveal them all in a brand-new special report. Simply click the following link below for instant, 100% free access.

Protect my hard-earned wealth from Uncle Sam


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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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