The Biden administration’s plan to raise capital gains taxes for the wealthy—and to tax gains at death—is keeping estate planners busy trying to figure out strategies to keep taxes low
Estate planners for the wealthiest Americans are combing through the Biden administration’s proposed tax increases, hunting for ways to sidestep the potential hit from higher taxes on investment income and new capital-gains taxes at death.
The result, so far, is early strategizing about making gifts this year before some changes would take effect. That approach is mixed with acceptance that Congress will pass some significant tax increases and tempered by hope that it won’t. “Our clients are resigned to the fact that taxes will go up,” said Helena Jonassen, a partner at Evercore Inc.’s wealth management unit.to 43.4% from 23.8% and taxing appreciated assets at death as if they had been sold. Under current law, appreciated assets held until death escape the income tax. Heirs pay capital-gains taxes only when they sell and only on gains since the prior owner’s death.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sen. Jon Tester Walks Blue Line in Solid Red MontanaComing Senate votes on contentious issues will challenge Democratic Sen. Jon Tester’s balancing act in solid Red Montana and help determine the course of Biden’s spending and tax plans
Read more »
Once a lock for ruling party, opposition make electoral gains in Mexican capitalMexico's sprawling capital has long been a bedrock of support for President Andres Manuel Lopez Obrador, dating back to his term as mayor years ago, but city voters shifted on Sunday, giving opponents a string of major wins, according to preliminary results.
Read more »
$2,000 Back-To-Work Bonuses; How Biden’s Budget Hits Your WalletForbes' take on the latest personal finance news from the last week.
Read more »
Medline Deal Signals Return to Days of Huge Leveraged BuyoutsPrivate-equity firms, tasked with putting over a trillion dollars to work, had largely shied away from the biggest deals—until now.
Read more »
The Queen and Joe Biden Set a Date for Their First Face-to-Face MeetingThe pair, who have been in touch since Biden’s January inauguration, will have a private meeting on June 13, when Biden is in the U.K. for a G7 summit.
Read more »
Joe Biden, Ukrainian President Volodymyr Zelenskyy to meet in D.C. sometime after Biden-Putin summit'President Biden was able to tell President Zelenskyy that he will stand up firmly for Ukraine's sovereignty, territorial integrity, and its aspirations as we go forward,' National Security Adviser Jake Sullivan said about Biden and Zelenskyy's phone call.
Read more »