MarketWatch Quotes Mark Allison on Who May Pay More in Taxes Under Trump
Analyses of Trump's tax plan have focused on benefits for the rich. But there is one group of well-off taxpayers who could get hurt.
If you're wealthy, then you stand to benefit from Donald Trump's tax plan... right? That's the theme that most analyses of the president-elect's tax plan have focused on: The rich will pay less. But there are some higher-income Americans who may wind up paying more taxes under Trump than they have in past years.
When merging tax brackets, "there is no way for everybody to win and for there to not be losers," said tax attorney Mark D. Allison, of Caplin & Drysdale.
Allison said that, for now, taxpayers shouldn't worry about the potential upheaval coming.
"Do what you would do without regard to potential tax changes," he said. "If you need to sell an asset today, sell it. If you want to ride things out, ride things out. Don't let potential tax issues control your financial plans."
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Excerpt taken from the article “The Higher-Income Americans Who May Pay More Taxes Under Trump” by Sally French for MarketWatch.
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