Inside the American Families Plan: How F&M Trust Can Guide You
The American Families Plan will impact many families and small businesses moving forward. Local experts help unpack the tax implications on personal income, capital gains, corporate and estate taxes.
How will The American Families Plan actually impact your taxes? F&M Trust, a community bank, is here to help. The AFP is a proposal by President Biden that offers $1.8 trillion in investments and tax credits for American families over the next ten years. The plan calls for significant tax changes aimed to affect financial relief across a spectrum of areas, including up to 12 weeks of paid parental leave and increasing tax credit for families by $1000 (up from $2k to $3k) per child. The plan will provide two years of free pre-kindergarten across the board and two years of free junior college for qualified Americans. Under the AFP, more than four million uninsured Americans would be able to get healthcare. Changes to 401(k)s include a 26% tax credit no matter your income level, and automatic 401(k) for workers without access to retirement plans through their employers. In all, the plan makes big changes to the tax code, including breaks for new home buyers and renters while increasing taxes on families making more than $400,000 per year. Here is a guide to let F&M Trust help you navigate what’s in the bill:
Big changes could be on the horizon in President Biden’s American Families Plan. F&M Trust is a family and community bank, a Pennsylvania bank, and with a wealth of expertise can help you navigate through these changing waters in ways that other financial advisors won’t be able. Whether it be providing sound advice about the trust of a loved one and retaining capital gains, types of gifting plans if these changes are passed, extra benefits to making life insurance choices or a universal life policy for your family. F&M Trust has been providing the highest expertise and advice to families and businesses in the Chambersburg and central Pennsylvania community for more than a century. Let us handle it, so you won’t have to worry. If you have specific questions, please reach out to us or call toll free (888) 264-6116.