Beth Kaufman Comments on Estate Planning Under Proposed Tax Plan in Bloomberg
If you’re wondering how President Joe Biden’s tax framework would affect rich Americans, here’s a rough scorecard.
Winning: The vast majority of the top 1%, who might even get a tax cut.
Losing: The rich-but-not-fabulously rich, still working to build their fortunes.
Breathing a sigh of relief: America’s billionaires, who, despite threats to the contrary, likely get to keep the tools and tricks many use to avoid taxes altogether.
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Another way is to “spread the wealth across your family,” said Beth Shapiro Kaufman, an attorney at Caplin & Drysdale, so that income ends up with children or grandchildren who aren’t near the $10 million or $25 million threshold. “Finding ways to shift income to people who are not subject to the surtaxes would be one of the primary goals.”
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