Efficient manner Possible. Ryan, How are you? Great to see. You know, I'm doing wonderful. The weather is amazing. Now it's nice and warm every day provided it's not too too hot. The kids are almost almost almost on with school. So this, you know, hopefully we can put this entire Virtual half virtual school year behind us and, you know, hopefully they get to start fresh. Come next September. You know this is a busy time for a lot of people normally think summertime, you slow down, but You guys have offices in Baltimore and in Florida, so people have a lot of different schedules. But summertime is really not a time to be slowing down specifically this summer time, let's get into taxes. With that. President Biden wants to nearly double the capital gains tax rates for anyone who makes a million dollars or more will now CNBC's Robert Frank tells us the president wants to start collecting that money before you have a chance to do anything to protect that. Listen to this. President Biden officially calling for the largest capital gains tax increase in history to be retroactive. If this passes and you sold stocks or business or property after April 28th of this year, you could owe back taxes. Wow, retroactive, Brian. The folks are listening to this and white knuckles if they're driving and they're just they're just shaking your head. What do we do about the precedent for them To be able to put in a retroactive tax hike is not really there. So I think it would take a lot for him to for them to put in something that says all right, we passed this package. Oh, by the way, it goes back to a point where you didn't even know this really. Existed and the good news in it is that it doesn't affect Most of America. It doesn't affect anybody who makes less than a million dollars because right now how you get to the highest tax rate possible on your capital gains As you are up there in that 39.6% tax bracket and under the current tax law as a married filing joint couple you have to make Obamacare surcharge tax. That's 23.8%. And now what they're talking about doing is if you're in that highest tax bracket, which under Biden's route, new rules, he would lower it from that 6 28 to about 509. Okay, so now instead of paying I want to say that the your tax rate now goes to 39.6% as ordinary income rates. And if you make over a million dollars what he's saying is you are gonna pay in Santa paying capital gains tax. You're going to pay ordinary income tax of 39.6. Then you tack on that 2.83 point 8% Sorry for for Obamacare, and you're 43.4%. Taxes on investment sales. Those capital gains those long term capital gains rates and you know it's really making those long term capital gains rates similar to Your short term capital gains because short term capital gains have always been taxed at ordinary income rates. But the question really becomes, you know, unfortunately, I am one of those people who you know if if I make over a million dollars, and I'm selling my stock, or, you know, I have extremely highly appreciated asset that I want to get rid of. And it's going to throw me over that million dollar Mark. What can I do? A lot of folks are in that position right now. There are a lot of a lot of folks in that position, especially because of this huge, huge run up we've had in the stock market or if you're one of those people that you know you bought Ups stock way Back in the eighties you bought Disney stock. 18 T stock, Exxon stock error or, you know Tesla, Tesla in 2020. Went up 893% in value. And to compare Berkshire Hathaway Class B. You know Warren Buffett, the the Oracle of Omaha, the stock market genius. 2.5% is how much that stock increased over That same time period. It is just mind boggling what really happened, so the question really becomes, What can I do if this passes If I'm in that situation where I'm going to be in the highest tax bracket I'm making over. $500,000 year. $600,000 year. I'm hitting that million dollar mark. What can I do? Well, if they ignore all previous precedent, and and they get this thing passed, Unfortunately, there's not really much That you can do. You can do the normal tax planning side of things where we try to do tax loss harvesting where we look at, you know, maybe you have some losses in your portfolio, which I don't know. How many losses you might have after the stock market? I just had this massive, massive run up, but tax loss harvesting where we're selling off assets that have losses to try and offset that game to try and bring your income down below that million dollar number. Maybe, you know you have conversations with your employer about shifting some of your Your earnings to the next year. Maybe we look at other tactics inside of your tax return on how we can reduce your income, whether we're using limited partnerships or specific types of investments where you're buying tax credits to help Reduce your income and the bottom line to it really becomes. You have to come up with some type of a plan for this. This is not one of those things you can just Well, if it happens, it happens. I'm going to pay taxes. You want to explore every avenue possible and for the next five callers that have saved at least $500,000 or more for retirement. I want to extend a special invitation to give us a call. 866597 10 48 66597 10 40. And sit down with either Mike or myself and more personally helped put together your very own retirement plan that has these tax planning strategies built into it, because it's not how much you make. It's how much you keep at the end of the day. We want to get you in that lowest tax bracket possible. So you have to give us a car 866. 597 10 48 66597 10 40 sit down with micro, myself and well put together. This plan on absolutely complementary basis. It's a savvy investor, radio and savvy investor podcast brought to you by pro status Financial Advisors group might connect and Ryan Herbert. Ryan. You guys have been talking about this now for years, taxes are going to increase. We gotta start planning. So this is nothing new for.