Displaying items by tag: inheritance

(Washington)

President Biden has offered to abandon his original 28% corporate tax rate proposal to pay for his stimulus and infrastructure packages…see the full story on our partner Magnifi’s site

The next generation of investors want diversity and green investments, but how do they want that delivered?…see the full story on our partner Positivly’s site

(Washington)

Any advisor paying attention to President Biden’s new proposals has surely been aware…see the full story on our partner Magnifi’s site

(Washington)

A lot of attention in the wealth management industry has been paid to President Biden’s efforts to raise taxes…see the full story on our partner Magnifi’s site

(Washington)

Joe Biden jut rocked markets in a big way. Yesterday afternoon, Bloomberg reported that Biden was planning to increase the capital gains tax rate on the wealthiest Americans by double, or up to just under 40%. The same rate as income taxes. Market reversed very sharply, but have been strong today. The tax would only affect Americans earning over $1m per year, which is 0.3% of the population, but taken in conjunction with other proposals to change the basis for capital gains taxes as it concerns inheritance, this is another big step.

FINSUM: The full scale tax overhaul on the wealthy has begun in earnest. Inheritance taxes and now capital gains taxes look likely to soar, with the latter not only on the wealthy. Advisors need to be very mindful of these changes as they disproportionately affect those who employ financial advisors.