'I’m not freaking out, but I can’t just put my head in the sand.'
For millionaires rushing to take advantage of lower capital-gains tax rates, the Biden administration’s budget proposal says they’ve already missed the boat.
“ The prospect of retroactive tax clauses had always been on their radar — it just became a little more real this week. ” “It gave me more agita,” said Leon LaBrecque, chief growth officer at Sequoia Financial Group in Troy, Mich. He received about 10 to 15 texts and emails on Thursday flagging the news.
— Leon LaBrecque, chief growth officer at Sequoia Financial Group LaBrecque doesn’t think retroactive tax clauses will ultimately make the cut, calling them a “bargaining chip.” A retroactive tax hike is “extremely unusual,” he said. And it has other downsides: “It really makes people mad, and it’s really hard to administer.”