You owe tax on the difference between contributed dollars and converted dollars. So if you contributed $100 and it historically had grown to $150, you would owe tax on $50 to convert.
If that $150 in value is suddenly $120 instead, your tax bill to convert is significantly cheaper.
Rebuy equities/reinvest dividends at reduced prices, pay taxes now, enjoy tax-free growth. If the current admin is serious about trying to get rid of income tax, then that would eliminate a major advantage of trad vs roth.
ROTH contributions grow tax-free. Doing your conversions now allows you to buy equities are they're currently discounted prices, maximizing your potential long-term tax-free gains.
Especially if you hit the RMD threshold in retirement. Even more important is how RMDs affect Medicare premiums(1). The best advice I have is to avoid RMDs as much as possible since they can/will affect other parts of your retirement strategy. Thus, converting to ROTH today may save you lots of cash in the future.
