Bloomberg Law Quotes Beth Kaufman on Potential Changes in Biden's Tax Plan
The rich shouldn’t be too afraid of Joe Biden’s tax plans. It’s the really rich who should be getting nervous.
The U.S. president is set to unveil a tax package on Wednesday that promises to raise revenues on those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates.
. . .
Biden, along with Bernie Sanders and other members of Congress, have floated plans to end a long list of sometimes-obscure deductions, exclusions and loopholes that are favorites of the 0.1%. If some of this passes, it will transform how they very wealthy manage their portfolios and pass on their assets to future generations.
. . .
[A]t least for now, taxpayers can still use trust strategies, and they’re allowed to transfer an unprecedented amount of money, more than $23 million for married couples, to heirs without triggering an estate and gift tax.
. . .
“We might have all year to do this — and we might not,” said Beth Kaufman, a tax attorney at Caplin & Drysdale in Washington, D.C. With so much uncertainty and so many ideas swirling around, “it’s a little hard to know what direction to go in at the moment.”
For the full article, please visit Bloomberg Law’s website (subscription required).