Major implications of Biden’s new “American Families Plan” is targeting households with incomes $400,000 and above. Proposed changes include an increase of the maximum federal income tax rate from 37% to 39.6% and a maximum capital gains adjustment from 20% to 25%, for those earning $400k (individual) / $450k (married couples). Income earners with $5m+ will see a new 3% surtax. Advanced retirement planning strategies that many people currently enjoy are poised to go away. Thi